The real estate industry has long been associated with wealth and success, but as the saying goes, “where there is money, there is also fraud.”
This rings true in the recent case of Mshelia Silas, Sabo Jimeta, and Jitau Investment Limited, who were arraigned before the Federal High Court in Lagos over the unlawful sale of property and alleged conversion of N800m.
The defendants are facing a three-count charge of conspiracy, fraud, and unlawful conversation of the fund.
According to the prosecutor, the defendants, alongside Albert Atiwurcha, Nanda Ezekiel, and J &J Holding Villa Limited now at large, conspired to commit the offense.
News About Nigeria gathered that they allegedly sold off a property located at 3, Bunu Sheriff Crescent, Katampe Extension, Abuja, for N800m, which belonged to one Abubakar Zango.
The prosecutor further alleged that upon selling off the property, the defendants diverted the proceeds into two bank accounts, Union Bank Plc account number 0041529275, belonging to Jitau Investment Limited, and Zenith Bank Plc’s account number 1016265443, belonging to J and J Holding Villa Limited, different from the one nominated by the owner of the property, Zango.
These actions, according to the prosecutor, violated the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006 and Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as Amended in 2012.
The defendants pleaded not guilty to the charges, and their lawyers filed bail applications on their behalf. The court granted their bail applications in the sum of N500m each with one surety in like sum.
The matter was adjourned till June 21 for trial, and the defendants were remanded in the custody of the Special Fraud Unit (SFU) until they perfect their bail conditions.
The real estate industry has been a hotbed for fraudulent activities for many years. Unscrupulous individuals take advantage of the high stakes involved in property transactions to defraud unsuspecting buyers and sellers. It is, therefore, essential to conduct proper due diligence and seek legal advice when engaging in real estate transactions.
