Court to arraign Indian August 12 over alleged $8.8m fraud

A Lagos High Court sitting in Ikeja has fixed August 12, 2015 for arraignment of an Indian-Briton chartered accountant, Deepak Khilnani, over allegation of $8.8 million fraud.

The presiding judge, Justice Atinuke Ipaye, fixed the date following the submission of counsel to the parties and absence of defendant in court.

The state had dragged Khilnani to court on a four-count charge bordering on conspiracy, cheating, stealing and false representation.

Directorate of Public Prosecutions (DPP) had in its advice indicted Khilnani to have, along with one Dr. Sushil Chandra, duped his Nigerian partner, Green Fuels Limited, to the tune of $8.8 million in 2008.

The prosecution alleged that the suspects “fraudulently tricked Green Fuels Limited to pay greater sum for machinery purchased from Gentec Limited than it would have paid for such machinery.”

The suspects were also accused of making false statement to the Corporate Affairs Commission “knowing same to be false, with intent to defraud the shareholders and members of Green Fuels Limited.”

The offences contravened sections 390(6), 421, 422 and 436 of the Criminal Code Law, Cap C17, Vol.2, Laws of Lagos State, 2003.

At the hearing yesterday, defendant counsel, Kayode Ajekiigbe told the court that his client’s absence was due to the fact that he was yet to be served formally, adding that he (Ajekiigbe) was in court as a result of a publication he read in the Punch Newspaper.

Responding to his submission, the prosecution counsel, Mr. Akin George argued that the fact that the suspects were represented in court proved that they were aware of the charge against them.

Justice Ipaye however adjourned the matter to August 12 for arraignment of the suspects and possible hearing.

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