Italian Docked For Defrauding Zenith Bank of N717.4m

An Italian expatriate in Nigeria, Piero Allan Franchillo was on Tuesday arraigned before a Federal High Court in Lagos for allegedly defrauding Zenith Bank Plc of N717.403 million.

Franchillo, 56, was arraigned by the Special Fraud Unit (SFU) of the Nigerian Police on a five-count of advance fee fraud, forgery and uttering false document.

The accused allegedly conspired with others now at large to obtain the money from Zenith Bank for the construction of Delta Mall at Effurum, Delta State, but fraudulently converted it to his own use rather than executing the project.

The alleged offence was committed between August 2013 and April 2014 at Zenith Bank’s headquarters in Victoria Island, Lagos.

According to the prosecution, Franchilo, who is said to be a businessman, also “did forge an extract of minutes of meeting of the board of directors of New Technic Construction Nigeria Limited, purportedly held on August 26, 2013, accepting APG/Bid Bond Line for enhancement of N1.5 billion and overdraft renewal of N50 million for the construction of Delta Mall…”

He was accused of uttering the forged document, which enabled him to obtain the N717 million from the bank.

The alleged offences contravene section 8 (a) of the Advance Fee Fraud and other Related Offences Act (2010), and sections 390 (1), 467 and 468 of the Criminal Code, Cap C.38, Laws of the Federation of Nigeria (2010).

After the charges were read to him, Franchilo pleaded not guilty to all the counts.

Trial judge, Justice Mohammed Idris, adjourned till Friday for ruling on the accused person’s bail application, after same was argued before him.