Operatives of the Economic and Financial Crimes Commission, EFCC, Enugu Zonal Directorate, have begun investigating Ralph Chinazum Ajah, Managing Director of Paramount Energy Limited, for an alleged N72.3 million fraud.
The EFCC said Ajah is being probed for allegedly obtaining money by false pretence and theft.
A petitioner told the commission he paid Ajah N72,300,000 in six tranches between April 11 and May 24, 2022, for the supply of petroleum products to his business outlets.
“After he collected the money, he kept promising to supply the products as agreed but failed to do so,” the petitioner said. “Preliminary investigations showed that Chinazumah Ajah and his company do not have the capacity to supply the products and he deliberately defrauded us of our business capital.”
EFCC investigations revealed that Ajah received the money through the account of Paramount Energy Limited before transferring it to his personal account for private use.
The commission said the suspect will be charged to court once investigations are concluded.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
