Former Bank Manager Sentenced To Six Months For $46,900 Fraud Scheme

Fidelis Egueke, a former bank manager, has been sentenced to six months in prison by the Chief Magistrate’s Court in Asaba, Delta State, after being convicted of defrauding a victim of $46,900 under false pretences.

Chief Magistrate Callistus Isioma Moeteke pronounced the verdict based on a single charge filed by the police.

The charge was brought by prosecutor Raphael Eze from the State Criminal Investigation Department (SCID) at the Asaba Police Headquarters, under case number CMA/295c/2024.

Egueke, who previously managed the Zenith Bank Plc branch in Asaba, was found guilty of fraudulently securing $46,900 by presenting two Certificates of Occupancy (C of O) as collateral, one of which was not his and the other was counterfeit. After receiving the funds, Egueke misappropriated the money for personal use and failed to repay the victim as he had agreed.

The prosecution asserted that Egueke’s actions breached Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006. Despite his claims of innocence, Egueke could not provide evidence of repayment during the trial.

After reviewing the evidence, Chief Magistrate Moeteke concluded that the prosecution had established its case beyond a reasonable doubt. Egueke was subsequently convicted and sentenced to six months in prison, although he was offered the alternative of paying a fine of N350,000 to avoid incarceration.

Furthermore, the court mandated Egueke to make restitution of N30 million to the victim within six months of the conviction. While he has paid the imposed fine, he has not yet complied with the restitution order.

The charges against Egueke stemmed from a fraudulent credit facility transaction in 2016, where he used false documents, including land titles that were not his, to obtain $46,900 (approximately N60 million) from Dr. Jude Ndudi, in violation of Section 419 of the Criminal Code Law.

Additionally, Egueke is currently facing trial in a separate case at the Lagos Federal High Court regarding allegations related to a different fraud scheme involving N179.498 million. The case is being prosecuted by the Force Criminal Investigation Department (Force CID) in Lagos, under the jurisdiction of Justice Alexander Oluseye Owoeye. er bank manager, has been sentenced to six months in prison by the Chief Magistrate’s Court in Asaba, Delta State, after being convicted of defrauding a victim of $46,900 under false pretenses.

Chief Magistrate Callistus Isioma Moeteke pronounced the verdict based on a single charge filed by the police.

The charge was brought by prosecutor Raphael Eze from the State Criminal Investigation Department (SCID) at the Asaba Police Headquarters, under case number CMA/295c/2024.

Egueke, who previously managed the Zenith Bank Plc branch in Asaba, was found guilty of fraudulently securing $46,900 by presenting two Certificates of Occupancy (C of O) as collateral, one of which was not his and the other was counterfeit. After receiving the funds, Egueke misappropriated the money for personal use and failed to repay the victim as he had agreed.

The prosecution asserted that Egueke’s actions breached Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006. Despite his claims of innocence, Egueke could not provide evidence of repayment during the trial.

After reviewing the evidence, Chief Magistrate Moeteke concluded that the prosecution had established its case beyond a reasonable doubt. Egueke was subsequently convicted and sentenced to six months in prison, although he was offered the alternative of paying a fine of N350,000 to avoid incarceration.

Furthermore, the court mandated Egueke to make restitution of N30 million to the victim within six months of the conviction. While he has paid the imposed fine, he has not yet complied with the restitution order.

The charges against Egueke stemmed from a fraudulent credit facility transaction in 2016, where he used false documents, including land titles that were not his, to obtain $46,900 (approximately N60 million) from Dr. Jude Ndudi, in violation of Section 419 of the Criminal Code Law.

Additionally, Egueke is currently facing trial in a separate case at the Lagos Federal High Court regarding allegations related to a different fraud scheme involving N179.498 million.

The case is being prosecuted by the Force Criminal Investigation Department (Force CID) in Lagos, under the jurisdiction of Justice Alexander Oluseye Owoeye.