A former Guaranty Trust Bank (GTB) employee, Onyekachi Nwosu has been convicted and sentenced to seven years imprisonment by a Federal High Court in Enugu over N50 million fraud.

Presiding judge, Justice R. O. Dugbo Oghoghorie found him guilty of abusing his position and using forged documents to induce his bank to grant a N50 million loan facility, part of which he diverted to personal use.

According to a statement on the verified twitter handle of the Economic and Financial Crimes Commission (EFCC), as account officer to Anyaso Chinedu, owner of Floxy Aluminium Odiofele Products Limited, Nwosu induced GTB with forged documents into granting a loan of N50 million to Floxy Aluminium Odiofele Products Limited.

The documents; “An application to Morgage, Consent to Morgage and Tripartite Legal Mortgage”, deceived GTB into believing that one Mrs. Adebimpe Foluke pledged her property as collateral for the loan granted to Floxy Aluminiun Product Ltd.

The EFCC stated that further investigation revealed that the convict benefitted N40 million out of the fraudulent loan by directly withdrawing it from the account of Floxy Aluminium Odiofele Products Limited.

Justice Oghoghorie ordered the convict to also refund the sum of N40 million to GTB and, return the original Certificate of Occupancy to Mrs. Foluke.