P&ID Fraud: Resorts Express Concept Failed To File Currency Transaction Report

The trial of Resorts Express Concept Nigeria Limited before Justice D. U. Okorowo of the Federal High Court, Abuja, continued today, Tuesday, January 10, 2023, with the prosecution counsel Bala Sanga, presenting the first witness.

Resorts Express Concept Nigeria Limited is facing trial alongside Directors of the Company, Giovanna Beccarelli and Corrado Fantoli, (both currently at large) on an eight count-charge bordering on money laundering and failure to comply with the money laundering requirements

At today’s trial, prosecution counsel, Bala Sanga, informed the court that the prosecution was ready to commence examination in chief with the first witness, Ibinabo Mary Amachree, a staff of the EFCC and deputy director, Special Control Unit against Money Laundering, SCUML

The witness informed the court that on October 25, 2021, they received a letter from the EFCC requesting to know the compliance status of the defendant.

The witness informed the court that on October 28, 2021, they responded to the EFCC request. “The defendant failed to submit a business activity report to SCUML. The defendant also failed to appoint a compliance officer at management level and did not also train its employee on anti-money laundering.

“The defendant also failed to file a currency transaction report of an amount of Five Million Five Hundred and Twenty Four Thousand Naira (N5, 524, 000.00), which was paid to one Wan Jar. That payment was made on March 7, 2015 from the defendant Guaranty Trust Bank Account Number 0123849453,” she said.

Explaining further, the PW1 also informed the court that the defendant has a relationship with P&ID Ltd, which is currently making claims of $9.6b on the Nigerian Government. “The relationship is such that the Director of Resorts is also one of the Directors of P&ID and also shares a common address with P&ID.”

The witness further informed the court that the defendant also exceeded the currency transaction threshold. “On March 7, 2013, the defendant received the cash deposit of Seven Million, Four Hundred and Ninety seven Thousand Naira (N7, 497, 000) only from one Gwanmna. On March 5, 2013, the defendant received Six Million Naira (N6, 000, 000.00) only from Giovanna Veccarelli, and on March 7, 2018, the defendant, Resorts Express made a payment of Five Million, Five Hundred and Forty four Thousand Naira (N5, 544, 000) only to Wan Jafars”,the witness said.

Justice Okorowo adjourned the matter to Wednesday, January 11, 2023, for cross-examination of the witness.

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