The Economic and Financial Crimes Commission (EFCC) has commenced investigations into the activities of the Managing Director of Paramount Energy Limited, Ralph Chinazum Ajah, over alleged N72.3 million fraud.
The spokesperson of the anti-graft agency, Dele Oyewale, made the development known in a statement on Wednesday in Abuja.
Oyewale explained that the suspect was questioned over alleged obtaining by false pretence and stealing to the tune of N72.3 million.
He said: “A petitioner alleged that he sent the said sum to the suspect for the supply of petroleum products to some of his branches.
“The said money was paid in six tranches between April 11, 2022 and May 24, 2022.
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“After he collected the money, he kept promising to supply the products as agreed but failed to do so which then prompted preliminary investigations.”
The petitioner said: “We discovered that suspect and his company do not have the capacity to supply the products and he deliberately defrauded us of our business capital.”
Oyewale explained that investigations revealed that the suspect used the account of his company, Paramount Energy Limited, to receive the said sum, after which he transferred the money into his account for personal use.
He said that the suspect would be charged to court as soon as investigations were concluded.
