P&ID Fraud: EFCC Arraigns Company For Money Laundering

P&ID Fraud: EFCC Arraigns Company For Money Laundering

The Economic and Financial Crimes Commission, EFCC, on Thursday, November 24, 2022 arraigned Resorts Express Concept Nigeria Limited, one of the over thirty companies linked with $9.6b Process and Industrial Development, P&ID, on an eight count-charge bordering on money laundering before Justice D.U. Okorowo of the Federal High Court Abuja.

The company was docked alongside the directors, Giovanna Beccarelli and Corrado Fantoli, both currently at large.

One of the count reads “ That you, Resorts Express Concept Nigeria Limited, being a Designated Non-Financial Institution; Giovanna Beccarelli (at large) and Corrado Fantoli (at large), being directors of and signatories to the bank account of Resort Express Concept Nigeria Limited; on or about 7th day of March 2018, in Abuja, within the jurisdiction of this Honourable Court, failed to report in writing to the Economic and Financial Crimes Commission, a single funds transfer transaction of the sum of N5,544,000.00(five million, five hundred and forty four thousand naira), in favour of Wan Jafar S. from Resorts Express Concept Nigeria Limited bank account No. 0123849451 domiciled in Guaranty Trust Bank PLC., contrary to Section 16(1)(f) read together with Section 10(1)(b) of the Money Laundering (Prohibition) Act, 2011(as amended) and you thereby committed an offence under section 10(3) and Punishable under section 16(2)(b) of the same Act.”

After the “Not guilty” plea was entered by the court, prosecution counsel, Bala Sanga prayed the court for a trial date, adding that the prosecution has two witnesses. He also asked the court for a warrant for the arrest of Corrado Fantoli , a director of the company, to enable him face trial.

In granting the prayers of the prosecution, Justice Okorowo stated that the prosecution has laid sufficient reason for the grounds of arrest. “The request is hereby granted” and adjourned till December 2, 2022 for commencement of trial.

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