Alex Otti's Diamond Bank In Another Fraud, Dragged To Court

Banks are known for trust, honesty and confidentiality, which is why customers entrust funds to them.

But when the safety of depositors’ money and financial details is in doubt due to the custodian’s unprofessional and fraudulent practices, customers loose funds unceremoniously.

One financial institution that has proven to be a safe haven for fraudulent officials is the Alex Otti’s led DIAMOND BANK.

Recently, a customer of the financial institution, Mr. Odofin through an Abuja-based firm dragged Diamond Bank Nigeria Plc to an Abuja High Court asking to be awarded N310 million (Three hundred and Ten Million Naira Only) being special and exemplary damages against the bank for illegally tampering with its accounts and stealing of N5 million (Five Million Naira).

The court, presided over by Justice Olasumbo Goodluck, granted the application brought by the plaintiff through its counsel, Sunny Uche, to serve the bank the court processes through substituted means out of jurisdiction.

The plaintiff, through its counsel, Uche, in its statement of claims, averred that on or about July 18, 2013, the plaintiff, through its Managing Director, Mr. Odofin, went to the defendant’s (Diamond Bank) Kubwa branch to withdraw some money to pay the staff, buy building materials, meet other expenses in the execution of a contract it has, and particularly to meet the demands of customers, some of whom have paid money for the supply of blocks and other building materials. The cheque it presented was returned on the ground that it has insufficient funds in the account.

The plaintiff said: “I was indeed surprised and aghast at this, as I am very sure that we had enough money to cover the amount on the cheque presented. I therefore requested for the statement of the said current account with number 0018800848.

The defendant told the plaintiff to formally apply, which the plaintiff did on July 19, 2013. The defendant was surprisingly reluctant and unwilling to give the statement of account as it failed to do so throughout the 19th and much of 20th July, 2013. It took the plaintiff’s Managing Director’s insistence of not leaving the bank for the said statement of account to be given him towards the close of work.”

The plaintiff further averred that it discovered from the statement that just some days previously, large sums of money were removed and withdrawn from the said account, which removal it did not authorise or knew about whatsoever.

“The plaintiff states that precisely on July 11, 2013, the sum of N2,850,000 was removed or withdrawn purportedly by one Olusola Fagunwa from the said account without the plaintiff’s authorisation, mandate or consent. Also on July 16, 2013, another N2 million was removed by the same Olusola Fagunwa, also without the plaintiff’s consent.

The plaintiff declared that it did not issue any cheque to any Olusola Fagunwa and that it does not know and has not in any way had dealings with any person by that name whatsoever. The plaintiff averred that when it noticed the removals, it made a complaint to the defendant at its Kubwa branch, where the account is resident and where the withdrawals were made. Following the refusal of the defendant to do anything about the illegal, unauthorized withdrawals and illegal debits, it reported the case to the police at Kubwa, which investigated the matter.

This development has left the business man “devastated”.

“I am devastated. It has already forced me to close one of my offices”. “It has brought havoc to my family life also”.

“Based on trust on Diamond Bank as a responsible fianancial institution that I opened the account with them but now, I regret”. He said.

Efforts to reach Mrs. Ayona Trimnell, head, Corporate Communication for the bank’s angle proved futile as several calls and text messages put across to her were not responded to as at press time.

Source – ICON Weekly Magazine