The scheduled arraignment of an India-born Nigeria businessman, Sunil Vaswani and his company, Stallion MG Automobiles Limited, for allegedly laundering the sum of N2billion, before a Federal High Court, Lagos, Wednesday, suffered a set back due to the absence of the defendants.
Mr. Vaswani, who is said to be at large by the Economic and Financial Crimes Commission, EFCC, and his company are to be arraigned on a 20 count charge alongside Harpreet Singh and Olalere Tajudeen, who are said to be directors in Stallion MG Automobiles Limited.
Another VaswanI company, Stallion Auto Keke Limited and Olalere Tajudeen are also facing another 20 counts charge of money laundering.
In the two separate charges filed by the EFCC, all the defendants were alleged to have collectively laundered about N2,060,850 billion between November 2022 and February 2024.
In one of the charge, Vaswani, Stallion MG Automobile, Singh and Olalere Tajudeen were alleged to have between February 14, and November 29, 2023, failed to report to the Special Control Unit Against Money Laundering, SCUML, in writing before depositing total sum of N655.35million into their account with Providus Bank.
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In the other charge, Stallion Auto Keke Limited and Olalere Tajudeen were also slammed with a 20-count charge for allegedly laundering a total sum of N1.405billion between November 2, 2020, and December 22, 2021, by depositing same into their account without reporting to the Special Control Unit Against Money Laundering, SCUML, in writing.
According to the EFCC, the charges contravene sections 11(1)(b) and are punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.
At the resumed hearing of the matter on Wednesday, EFCC lawyer, Henry Anaso, informed the court that the agency was having difficulties to secure the attendance of the defendants.
He, therefore, prayed the court for another date.
The defendants were not in court, neither were they represented by any lawyer.
Consequently, Justice Chukwujekwu Aneke, adjourned the matter to July 21, for the arraignment of the defendants.
