EFCC, Police Launch Manhunt For Paul Demudia Eigbefoh Over N67.5m Fraud
Last week, it is believed that a suspected con artist operating under the business name “Capital Plus Investment Services Ltd” and controlled by Paul Demudia Eigbefoh defrauded a leading oil and gas corporation in the country out of the sum of N67.5million. Eigbefoh is currently on the run.
The impacted company has filed a petition with the Economic and Financial Crimes Commission (EFCC) for the recovery of N67.5 million, which is believed to have been gained through fraudulent means by the individual known as Paul Smith, also known as Paul Demudia Eigbefoh, who has since fled the country.
In a petition dated July 24, 2023 and submitted to the EFCC Lagos Command, the company said that Paul Demudia Eigbefoh and Capital Plus Investment Services Limited received the sum of N67.5 million through the use of fraudulent pretences. The petition was written by the company’s attorney, Bala Omar Yakubu and Co.
It was revealed that Paul Demudia Eigbefoh, acting under the guise of Capital Plus, approached the conglomerate with an offer of financial services to enhance the company’s operating capital.
The petition stated, in part, that the following: “Our company which deals in petroleum down section of the economy and has retail outlets in certain Southwest States and the Federal Capital Territory.”The company had submitted an application for a loan facility, but in order to use the facility, they were required to pay an upfront fee of N67.5 million. As soon as the aforementioned sum of money was transferred to the person who is suspected of being a fraudster, Paul Demudia Eigbefoh, he immediately disappeared from his known office and residence addresses, and he has also not answered his phone since the previous week.
“The said Paul Demudia Eigbefoh urged that the company make an equity contribution to the value of N60,000,000 million as part of the condition for the said payment. This was despite the fact that he had sought for an initial collateral of our client’s movable assets,”
It went on to say that the insistence of Paul Demudia Eigbefoh that the equity contribution be paid in order to facilitate the said disbursement led to the payment of the amount, and it was noted that it paid the sum of N7,500,000 on July 14, 2023 as processing fee charges and N60 million as equity contribution into the company’s account. Both of these payments were made into the company’s account.
It went on to say that the funds were deposited into an account at Fidelity Bank Plc with the number 5600141150 that belonged to Capital Plus Investment Services Limited. It is alleged that shortly after the final installment of N60 million was received, Capital Plus Investment Services Limited cut off all means of communication with it.
It also disclosed that its officials had to visit the company’s address at Block 69, Kusenla Road, Ikate Lekki in Lagos State but found the place deserted. It stated that on detecting this it notified its bankers, who in turn got in touch with the recipient beneficiary bank, Fidelity Bank Plc, to notify it of the said fraud. In addition, it disclosed that its bankers notified the recipient beneficiary bank of the fraud.
Fidelity Bank made the following discovery: “It was discovered by Fidelity Bank that as soon as the aforementioned sum was received, the aforementioned firm moved it in tranches to other beneficiaries of the aforementioned fraud in other Banks.
As a result, the organisation has requested that the commander of the EFCC utilise his good office in a manner that gives the case a high priority status.
Reporters tried their best to get in touch with Paul Demudia Eigbefoh through his home and business addresses, but they were unsuccessful. Additionally, his well-known phone contact number, 08060510537, has been inoperable since Friday.
