EFCC probes Energy firm MD over alleged N72.3m fraud in Enugu

The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has launched an investigation into Ralph Chinazum Ajah, the Managing Director of Paramount Energy Limited, for his alleged involvement in a N72.3 million fraud.

The suspect is being grilled following accusations of stealing and obtaining money under false pretenses related to a failed petroleum supply contract.

According to the petitioner, the sum was transferred to Ajah in six installments between April 11 and May 24, 2022, specifically for the supply of petroleum products to various business branches.

Despite receiving full payment, the suspect reportedly failed to deliver the products. Preliminary findings by the petitioner suggested that neither Ajah nor Paramount Energy Limited possessed the operational capacity to fulfill the agreement, leading to the allegation that the transaction was a deliberate scheme to defraud the complainant of business capital.

EFCC investigators have established that while the funds were initially received through the corporate account of Paramount Energy Limited, they were subsequently diverted into Ajah’s personal bank account for his private use.

Dele Oyewale, the Commission’s Head of Media and Publicity, confirmed that the suspect will be arraigned in court immediately upon the conclusion of the ongoing investigation.