Efcc files fraud charge innoson #
A significant development in the ongoing saga between the Economic and Financial Crimes Commission (EFCC) and Innoson Motors Limited!
According to reports, the EFCC has filed a 17-count charge of fraud against Innoson Motors Limited, its Chairman, Mr. Innocent Chukwuma, and two others, including the company's Managing Director, Mr. Chukwuma Ubah.
The charges were filed before the Federal High Court in Lagos, Nigeria, and are related to alleged fraud, forgery, and money laundering involving Innoson Motors Limited and its subsidiaries.
The EFCC alleges that Innoson Motors Limited, between 2009 and 2011, fraudulently obtained a loan of N2.4 billion from Guaranty Trust Bank (GTBank) and used the funds for purposes other than those specified in the loan agreement.
The commission also alleges that the company forged documents, including a letter of credit, to facilitate the loan and that the funds were laundered through various bank accounts.
The EFCC is seeking to recover the allegedly stolen funds, as well as impose fines and imprisonment on the accused individuals.
This development comes after a long-standing dispute between Innoson Motors Limited and GTBank, which has been ongoing for several years. The dispute centers around a loan facility granted to Innoson Motors Limited, which the company claims was not repaid by GTBank.
The EFCC's charges against Innoson Motors Limited and its officials are a significant escalation of the dispute and could have far-reaching implications for the company and its stakeholders.
It will be interesting to see how this case unfolds and what the outcome will be.