Operatives of the Economic and Financial Crimes Commission (EFCC), Enugu Zonal Directorate, have commenced investigations into the Managing Director of Paramount Energy Limited, Ralph Chinazum Ajah, over an alleged N72.3 million fraud.
The anti-graft agency said the suspect is being probed for offences bordering on obtaining by false pretence and stealing, following a petition filed against him.
According to the petitioner, the sum of N72,300,000 was transferred to Ajah for the supply of petroleum products to several business outlets. The payments were reportedly made in six tranches between April 11 and May 24, 2022.
The petitioner alleged that after receiving the funds, the suspect repeatedly failed to deliver the products as agreed, offering assurances that were never fulfilled.
“After he collected the money, he kept promising to supply the products but failed to do so. Preliminary investigations later showed that he and his company lacked the capacity to execute the transaction and deliberately defrauded us of our business capital,” the petitioner stated.
Preliminary findings by the EFCC indicate that the suspect received the funds through Paramount Energy Limited’s account before allegedly transferring the money into his personal account for private use.
The Commission said the suspect would be charged to court upon the conclusion of investigations.
