The India-born Nigeria businessman, Sunil VaswanI alongside his company, Stallion MG Automobiles Limited and two others are billed to be arraigned before a Federal High Court, Lagos, for allegedly laundered total sum of N2, 060, 850 billion.
Others to be arraigned alongside VaswanI and his company are: Harpreet Singh and Olalere Tajudeen, said to be directors in the company.
While Vaswani, Stallion MG Automobiles Limited, Harpreet Singh Vaswani and Olalere Tajudeen (both said to be directors in the company) are to be arraigned in a 20-count charge of money laundering in a charge marked FHC/L/929c/2024.
Another VaswanI’s company, Stallion Auto Keke Limited and Olalere Tajudeen are to be arraigned in another 20 counts charge of money laundering in a charge marked FHC/L/928c/2024.
In the two charges against filed by the Economic and Financial Crimes Commission (EFCC), all the defendants were alleged to have laundered N2, 060, 850 billion between November 2022 and February 2024.
While 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 N655,350.750 million into their account with Providus Bank.
In the other charge, Stallion Auto Keke Limited and Olalere Tajudeen were also slammed also with a 20-count charge of alleged money laundering offences, in a marked FHC/L/928c/24, alongside Sunil VaswanI, who is said to be at large.
They were alleged to have laundered a total sum of N1, 405, 500, 000 billion between November 2, 2020 and December 22, 2021, by depositing same into their without reporting to the Special Control Unit Against Money Laundering (SCUML) in writing.
Vaswani and others’ alleged illegal financial acts, according to the EFCC contravened sections 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.
Meanwhile, due to the failure of all the defendants to appear before the court, when the matter came up on , Justice Chukwujekwu Aneke, who presided over the court, adjourned the matter to April 22, for the defendants’ arraignment.
Counts one and 20 of each charges against the defendants reads: “That you STALLION MG AUTOMOBILES LIMITED, SUNIL VASWANI, HARPREET SINGH, and OLALERE TAJUDEEN on or about the 14th February, 2024, within the Judicial Division of this Honourable court, being a Designated Non-Financial business, the Chairman, Executive Director and Director of STALLION MG AUTOMOBILES LIMITED respectively, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a single transaction of the sum of N41,100,000 (Forty-One Million, One Hundred Thousand Naira) on your STALLION MG AUTOMOBILES LIMITED account number 5400786048, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.
“That you STALLION MG AUTOMOBILES LIMITED, SUNIL VASWANI, HARPREET SINGH and OLALERE TAJUDEEN on or about the 29th November, 2023, within the Judicial Division of this Honourable court, being a Designated Non-Financial business, the Chairman, Executive Director and Diréctor of STALLION MG AUTOMOBILES LIMITED respectively, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a singe transaction of the sum of N23, 822, 000. 00 (Twenty-Three Million, Eight Hundred and Twenty-Two Thousand Naira) on your STALLION MG AUTOMOBILES LIMITED account number 5400786048, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.
“That you STALLION AUTO KEKE LIMITED, being a Designated Non-Financial business; OLALERE TAJUDEE being Director and SUNIL VASWANI (at large). being a Director of STALLION AUTO KEKE LIMITED. on or about the 4th March, 2021, within the Judicial Division of this Honourable court, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a single transaction of the sum of N150, 000. 000 (One Hundred and Fifty Million Naira) on your STALLION AUTO KEKE LIMITED account number 1300482899, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.
“That you STALLION AUTO KEKE LIMITED, being a Designated Non-Financial business; OLALERE TAJUDEE being Director and SUNIL VASWANI (at large}, being a Director of STALLION AUTO KEKE LIMITED, on or about the 24th February, 2021 within the Judicial Division of this Honourable court, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a single transaction of the sum of N50, 000, 000 (Fifty Million Naira) on your STALLION AUTO KEKE LIMITED account number 1300482899, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.”
