Police Arraigns Italian In Court For Defrauding Zenith Bank Of N717 million

Police Arraigns Italian In Court For Defrauding Zenith Bank Of N717 million

Justice Mohammed Idris of the Federal High Court in Lagos on Tuesday ordered that a Nigerian based Italian businessman, Piero Allan Franchillo be remanded in prison custody for allegedly defrauding Zenith Bank Plc of the sum of N717 million.

The Italian was arraigned before the court on a five-count charge of advanced fee fraud, forgery and altering of documents by lawyers from the Special Fraud Unit of the Nigerian Police.

The accused person,however, pleaded not guilty to all the counts a development that made the court to ordered that he be kept in custody pending the hearing and determination of his bail application on February 7.

Before tge case was adjourned, the prosecutor, Mrs Susan Ezema had informed the court that the foreigner conspired with others who are still at large, to obtain about N717 million from Zenith Bank, for the construction of a Mall at Effurun, Delta State. 

Ezema also alleged that the accused person fraudulently converted the money to his own use rather than executing the project for which the sum was obtained.

She said the alleged offence was committed between August 2013 and April 2014, at Zenith Bank's headquarters in Victoria Island, Lagos.

The police prosecutor further alleged that Franchilo also forged an extract of minutes of meeting of the board of directors of New Technic Construction Nig. Ltd, purportedly held on Aug. 26, 2013, where he accepted APG/Bid Bond Line for construction of the Mall.

Ezema also claimed that accused person forged the document, which enabled him to obtain the N717million from the bank.
 
The police insisted that alleged offences contravenes the provisions of section 8 (a) of the Advance Fee Fraud and other Related Offences Act 2010, and sections 390 (1), 467 and 468 of the Criminal Code, Cap C.38, Laws of the Federation, 2010.