The Economic and Financial Crimes Commission has commenced investigations into the activities of the managing director of Paramount Energy Ltd over alleged N72.3 million fraud.

EFCC spokesperson Dele Oyewale, who said this in a statement on Wednesday in Abuja, explained that the suspect was questioned over alleged obtaining by false pretence and stealing to the tune of N72.3 million.

”A petitioner alleged that he sent the said sum to the suspect for the supply of petroleum products to some of his branches. The said money was paid in six tranches between April 11, 2022 and May 24, 2022.

“After he collected the money, he kept promising to supply the products as agreed, but failed to do so, which then prompted  preliminary investigations.

”We discovered that the suspect and his company do not have the capacity to supply the products, and he deliberately defrauded us of our business capital,” the petitioner said.

Mr Oyewale explained that investigations revealed that the suspect used the account of his company, Paramount Energy Ltd, to receive the said money, after which he transferred the money into his personal account for personal use.

He said the suspect would be arraigned as soon as the investigation was concluded.

(NAN)