Union Bank Loses N1.6B To 5-Man Fraud Syndicate


This is definitely not the best time for one of the country’s old generation bank, Union Bank of Nigeria Plc, which is still battling to recover the whooping sum of N1, 626, 139, 795, 12 billion, allegedly lost to an elusive five-man fraud syndicate.

The alleged fraud syndicate were said to be three Lebanese and two Nigerians, who have fled the country.

Union Bank in its desperate efforts to get the alleged fraudster arrested and prosecuted, had reported the matter at the Force Criminal Investigation Department ForceCID, Alagbon-Ikoyi Lagos.

The alleged fraudsters are, Sunil Kumar Hari Prasad,Voodi Sumaprakash and Dhanuka Sunil Kumar, all Lebanese and the dou of Ningle Kevin and Obiageli Inuwagle, who are Nigerians.

Meanwhile, men of ForceCID Alagbon-Ikoyi, has filed a three-count charge against the alleged fraudsters.

In the charge, the police alleged that the fraudsters and others now at large of conspired among themselves to obtained the sum of N1, 626, 139, 795.12 billion, from Union Bank Plc under false pretence.

The alleged fraudsters were also accused of stealing the said amount from the bank.

The offences according to the police are contrary to and punishable under sections 8(a), 1(a), (c) & 1(2)of the Advance Fee Fraud and other related offences Act, 2006. And section 390 (a) of the Criminal Code Cap C38 Laws of the Federation of Nigeria 2004.

Meanwhile, no date has been fixed for the arraignment of the alleged fraudsters, as the police has informed the court that the suspects have fled the country and efforts are ongoing to get them arrested and bring them back to Nigeria to face trial

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