Police Charge Greystone Partners, Directors With N40m Fraud

The Police Special Fraud Unit (PSFU) has filed criminal charges against Greystone Partners Limited and its four directors before a Federal High Court in Lagos over their alleged involvement in a N40 million fraud.

The police in the six-count charge marked FHC/L/1156c/2025 before Justice Daniel Osiagor accused the defendants of conspiracy, issuance of dud cheques, obtaining money by false pretence, fraudulent business practices, and fraud.

The directors listed in the charge are Suomobroto Ganguly, Olorogun Oghenetega Emerhor, Folabi Ayoola, and Folabi Esan.

The police prosecutor, Achi Caleb, claimed in the charge that the firm and its directors committed the offences on or before 4 September 2025.

He also alleges that the defendants conspired with Adlevo Capital Limited and others at large to engage in a loan transaction with Simple Finance Company Limited.

The prosecutor states that the defendants unlawfully deprived Simple Finance of N40 million through false pretences in securing a loan and failed to meet their repayment obligations.

Caleb further alleged that, after failing to refund the money, the defendants issued several cheques that were rejected upon presentation.

He maintained the offences violated Sections 2 and 1(b) of the Dishonoured Cheques (Offences) Act, Cap DII, Laws of Nigeria, 2004; Sections 517 and 490 of the Criminal Code Act, Cap C’38, Laws of Nigeria, 2004, applicable in Lagos State; and Sections 8(1) and 1(a), punishable under Section 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.

Following the police’s failure to serve the charge due to the defendants’ alleged evasion, the prosecutor filed an ex parte motion seeking to serve the defendants by substituted means.

This motion is made under Sections 124 and 382(5) of the Administration of Criminal Justice Act, 2015, Section 6(6(B) of the Nigerian Constitution (as amended), and the court’s inherent jurisdiction.

The prosecutor requests that the court grant leave for substituted service on the defendants, including service of the originating process related to Charge No: FHC/L/1150c/2025, by delivering it to their legal representatives at their law offices.

The court was also asked to issue hearing notices to the defendants and any other necessary orders.

The motion is based on four main grounds: the defendants/respondents are unreachably, making personal service impractical; the legal counsel has attempted to serve all processes at various levels; and the court has both statutory and equitable jurisdiction to grant these orders.

Some charges listed involve conspiracy, issuance of dud cheques totalling about Forty Million Naira, and malicious address change intended to defraud Simple Finance Company Ltd.

Also, there are charges of attempting to obtain a loan through false pretences, all punishable under various sections of Nigerian law.