EFCC Arrest Malaysian Over €250m Fraud In Lagos

A speculated Malaysian fraudster, Tan Ah Chai Richard, has been captured and charged close by his organization, Coastal Asia Investments Limited in Lagos

The Economic and Financial Crimes Commission, EFCC, summoned Tan Ah Chai Richard close by his organization, Coastal Asia Investments Limited, before Justice Mojisola Dada of the Special Offenses Court sitting in lkeja, Lagos on a five-check charge verging on fraud, utilization of false record, scheme to fashion and an endeavor to get cash by affectation to the tune of €250,000,000.00.

One of the checks peruses: "That you, Tan Ah Chai Richard, Coastal Asia Investments Limited and Dr. Sawang Jana (still everywhere), approximately the 27th September, 2018 at Lagos, inside the ward of this Honorable Court, with expectation to swindle, planned to submit lawful offense indeed: falsification of Swift Telex Advice dated 27th September, 2018, showing exchange of the total of €250,000,000 to Coastal Asia Investments Limited record with Polaris Bank Plc (some time ago Skye Bank Plc) from HSBC Bank Plc, London, United Kingdom."

Another tally peruses: "That you, Tan Ah Chai Richard, Coastal Asia Investments Limited and Dr. Sawang Jana (still everywhere), approximately the 27th September, 2018 at Lagos, inside the purview of this Honorable Court, with aim to dupe, deceitfully utilized a bogus archive indeed: a Swift Telex Advice dated 27th September, 2018, showing exchange of the total of €250,000,000.00 to Coastal Asia Investments Limited record with Polaris Bank Plc (some time ago Skye Bank Plc), which you implied to be from HSBC Bank, London, United Kingdom by presenting the Swift Telex Advice to Chioma Omamegbe of Polaris Bank Plc (in the past Skye Bank Plc)."

The litigant, a Malaysian, argued "not blameworthy" to the charge favored against him by the Commission.

In perspective on his supplication, the arraigning counsel, Bashir M. Kamil, requested a preliminary date and furthermore encouraged the court to remand the litigant in

Advice to the respondent, A. B. Onifade, told the court that he was presented with the charge by the arraignment just on Tuesday, May 21, 2019 and that he would apply for the respondent's safeguard after the procedures.

He, consequently, encouraged the court to remand the respondent in the EFCC guardianship pending the assurance of the case.

In any case, Kamil, questioned the supplication of Onifade, focusing on that the Commission's detainment offices were at that point overstretched.

Thusly, Justice Dada suspended the case to June 28, July 2 and 8, 2019 for beginning of preliminary, and requested that the litigant be remanded in Ikoyi Prison.