Police probe N10m loan default, forgery allegations involving businessman | Dailytrust

Police probe N10m loan default, forgery allegations involving businessman

The police are investigating how a microfinance bank gave out an N10 million loan to a Lagos businessman, Kole Jones, who allegedly forged the documents of a Lexus SUV used as collateral to obtain the facility on behalf of his company, Wellbrook Ventures Ltd.

Police investigators found that Jones leased the vehicle from New Age Leasing Company and presented it alongside a Toyota Siena van as collateral for the loan facility in May 2019.

Trouble started after the businessman defaulted and the bank sold the SUV to one Mr Anozie, now deceased.

The leasing company declared the Lexus stolen and consequently recovered it from a spray painter’s shop in Sangotedo, Ajah, Lagos, through the help of the police.

This was contained in the report of investigation marked CB:4099/S-SQD/T.2/D.Dept/FHQ/ABJ/VOL.41112 dated September 9, 2020, signed by the Commissioner of Police, X-Squad, Amechi Elumelu, sighted by our correspondent on Wednesday.

The probe was a sequel to a complaint by the Managing Director of Lovonus MFB, Mr Usman Onoja, in which he accused the Coordinator, Intelligence Response Team, Lagos Annex, CSP Rieninwa Phillip, of abuse of office, intimidation and conduct likely to cause a breach of peace.

The report said: “Sometime in May 2020, the complainant was invited by the IGP-IRT annexe Lagos in connection with the sale of the vehicle.

“The Investigating Police Officer,  ASP Columbus (3rd suspect) informed him that the vehicle that was sold had been stolen from New Age Leasing Company and that he should produce the vehicle; that since then, ASP Columbus continued to intimidate and harass him which prompted the petition.”

On receiving Onoja’s petition, the report added that the X-Squad carried out extended investigation activities at the Lagos State Police Comand and the vehicle licensing office to ascertain the ownership history of the vehicle.

Findings indicate that the businessman bought the SUV from New Age Leasing on hire purchase and was yet to complete the payment for the vehicle.

The X-Squad report further stated: “During the investigation, the following facts emerged: That Kole Jones was arrested and in his statement revealed that the bank had sold the car as a result of a failed business transaction between them.

“He later revealed that he used forged documents to obtain the said loan from Lovonus MFB; photocopies of the alleged forged documents were obtained.

“Investigation findings from the vehicle licensing office revealed that New Age Leasing Coy. is the bonafide owner of the vehicle and there was no history of any  previous registration done on the vehicle.”

Based on the investigation carried out by the IPO, ASP Obehi Ahanmisi and his team, a prima facie case of forgery and fraud were established against the businessman while the bank was found to have failed to conduct due diligence on the car documents he presented to obtain the loan.

Jones did not respond to several calls for a reaction.

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