Malaysian arrested over a €250m fraud in Lagos


EFCC, Lagos Zonal office, on May 22, 2019, arraigned a suspected fraudster, Tan Ah Chai Richard, alongside his company, Coastal Asia Investments Limited, before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos on a five- count charge bordering on forgery, use of false documents, conspiracy to forge and an attempt to obtain money by false pretense to the tune of €250,000,000.

One of the counts reads: “That you, Tan Ah Chai Richard, Coastal Asia Investments Limited and Dr. Sawang Jana (still at large), on or about the 27th September, 2018 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, fraudulently used a false document to wit: a Swift Telex Advice dated 27th September, 2018, indicating transfer of the sum of €250,000,000.00 to Coastal Asia Investments Limited account with Polaris Bank Plc (formerly Skye Bank, Plc), which you purported to be from HSBC Bank, London, by submitting the Swift Telex Advice to Chioma Omamegbe of Polaris Bank Plc (formerly Skye Bank Plc)”.

The defendant, a Malaysian, pleaded “not guilty” to the charge preferred against him by the commission.

Counsel to the defendant, A. B. Onifade, urged the court to remand the defendant in the EFCC custody pending the determination of the case.

However, Kamil, objected to the prayer of Onifade, stressing that the Commission’s detention facilities were already overstretched.

Consequently, Justice Dada adjourned the case to June 28, July 2 and 8, 2019 for commencement of trial, and ordered that the defendant be remanded in Ikoyi Prison.


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