Court Adjourns Sunil Vaswani, Others’ Arraignment Over Alleged Money Laundering To July 21

The scheduled arraignment of Indian-born Nigeria businessman, Sunil Vaswani and his company, Stallion MG Automobiles Limited, for allegedly laundering the sum of N2 billion, before the Federal High Court, Lagos, on Thursday, suffered a set back due to the absence of the defendants.

Vaswani, who is said to be at large by the Economic and Financial Crimes Commission (EFCC), and his company are to be arraigned on a 20-count charge alongside two others: Harpreet Singh and Olalere Tajudeen, who are said to be directors in Stallion MG Automobiles Limited.

Another Vaswani Company, Stallion Auto Keke Limited and Olalere Tajudeen are also facing another 20-count charge of money laundering.

In the two separate charges filed by the EFCC, all the defendants were alleged to have collectively laundered about N2,060,850,000 between November 2022 and February 2024.

In one of the charge, Vaswani, Stallion MG Automobile, Singh and Olalere Tajudeen were alleged to have between February 14 and November 29, 2023, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing before depositing total sum of N655,350,750.00 into their account with Providus Bank.

In the other charge, Stallion Auto Keke Limited and Olalere Tajudeen were also slammed with a 20-count charge for allegedly laundering a total sum of N1,405,500,000 between November 2, 2020 and December 22, 2021, by depositing same into their account without reporting to the Special Control Unit Against Money Laundering (SCUML) in writing.

According to the EFCC, the charges contravene sections 11(1)(b) and are punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.

At the resumed hearing of the matter Thursday, EFCC lawyer, Henry O. Anaso, informed the court that the agency is having difficulties to secure the attendance of the defendants.

He therefore prayed the court for another date.

The defendants were not in court, neither were they represented by any lawyer.

Consequently, Justice Chukwujekwu Aneke, adjourned the matter to July 21, for the arraignment of the defendants.

Count one of the charge against the first set of defendants reads: “That you STALLION MG AUTOMOBILES LIMITED, SUNIL VASWANI, HARPREET SINGH, and OLALERE TAJUDEEN on or about the 14th February, 2024, within the Judicial Division of this Honourable court, being a Designated Non-Financial business, the Chairman, Executive Director and Director of STALLION MG AUTOMOBILES LIMITED respectively, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a single transaction of the sum of N41,100,000 (Forty-One Million, One Hundred Thousand Naira) on your STALLION MG AUTOMOBILES LIMITED account number 5400786048, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.

Another count reads, “That you Stallion MG Automobiles Limited, Sunil Vaswani, Harpreet Singh and Olalere Tajudeen on or about the 29th November, 2023, within the Judicial Division of this Honourable court, being a Designated Non-Financial business, the Chairman, Executive Director and Diréctor of Stallion Mg Automobiles Limited respectively, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a singe transaction of the sum of N23, 822, 000. 00 (Twenty-Three Million, Eight Hundred and Twenty-Two Thousand Naira) on your STALLION MG AUTOMOBILES LIMITED account number 5400786048, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.

A count in the charge against the second set of defendants read, “That you Stallion Auto Keke Limited, being a Designated Non-Financial business; Olalere Tajudeen being Director and Sunil Vaswani (at large). being a Director of Stallion Auto Keke Limited, on or about the 4th March, 2021, within the Judicial Division of this Honourable court, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a single transaction of the sum of N150, 000. 000 (One Hundred and Fifty Million Naira) on your Stallion Auto Keke Limited account number 1300482899, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.

The last count reads, “That you Stallion Auto Keke Limited, being a Designated Non-Financial business; Olalere Tajudeen being Director and Sunil Vaswani (at large}, being a Director of Stallion Auto Keke Limited, on or about the 24th February, 2021 within the Judicial Division of this Honourable court, failed to report to the Special Control Unit Against Money Laundering (SCUML) in writing within seven days of a single transaction of the sum of N50, 000, 000 (Fifty Million Naira) on your Stallion Auto Keke Limited account number 1300482899, domiciled with Providus Bank and you thereby committed an offence contrary to Section 11(1)(b) and punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.”