A Nigerian court has today sentenced an Indian national to 10 years in prison after being convicted of defrauding Nigerian investors to the tune of N816 million. The individual, identified as Mr. Rajesh Kumar Patel, was found guilty of orchestrating a series of fraudulent schemes aimed at deceiving local businesses and individuals through false promises of lucrative investments.
The ruling, delivered by Justice Adeola Olusola of the Lagos High Court, marks a significant step in the fight against international fraudsters operating within Nigeria. Mr. Patel was arrested in 2022 after an extensive investigation by the Economic and Financial Crimes Commission (EFCC), who uncovered a complex web of deceit and financial manipulation.
Patel was accused of luring investors with the false promise of high returns on investment in a non-existent real estate venture. He falsely claimed to have connections with reputable international development companies and presented fabricated documents to bolster his claims. Over 150 Nigerian investors fell victim to the scam, with the total amount defrauded reaching N816 million.
In her judgment, Justice Olusola emphasized the severity of Patel’s actions, describing the scheme as “a calculated effort to exploit the trust of hard-working Nigerians.” She noted that the impact of the fraud was devastating, leaving many victims financially crippled.
The court also ordered that the fraudulent assets acquired by Mr. Patel be seized and sold off, with proceeds used to compensate the victims, subject to the outcome of future civil proceedings.
Reacting to the court's decision, the Chairman of the EFCC, Mr. Abdulrasheed Bawa, praised the ruling as a landmark in Nigeria’s ongoing efforts to combat financial crimes. "This conviction sends a clear message to fraudsters, whether local or foreign, that Nigeria will not tolerate fraudulent activities that harm its citizens. We will continue to work tirelessly to ensure justice for all victims of financial crimes," he said.