By Iffy
A Federal High Court in Abuja has ordered the arrested of an Abuja-based property developer, Amarachi Iwuanyawu, described as the Chairman of Sun Gold Estate Limited, over his alleged involvement in a N785million fraud.
Presiding Judge, Justice Inyang Ekwo ordered Iwuanyawu’s arrest while ruling on an ex-parte motion filed be the Economic and Financial Crimes Commission (EFCC).
Justice Ekwo ordered the EFCC to arrest Iwuanyawu, detain him until February 23 next year when he is expected to be brought before the court.
The EFCC, in its motion marked: FHC/ABJ/CS/2124/2022, argued by its lawyer, Olarewaju Adeola, claimed that Iwuanyawu, who is believed to now live in the United States, entered into an agreement in 2012 with another Abuja firm, Hokiz Investment Limited.
EFCC stated that, by the agreement, Sun Gold Estate Limited agreed to build 14 units of 4 bedrooms terrace and one block of 6 flats on the land owned by Hokiz Investment Limited at Mabushi in Abuja.
It added that both parties to the agreement agreed that 40 percent of the proceeds of the buildings would be allocated to Hokiz Investment Limited, being the owner of the land, while Sun Gold Estate, as developer would retain 60 percent.
The EFCC added that upon completion, Sun Gold Estate Limited was said to have sold off all the buildings without the knowledge of the land owner, totally the value of the 40 percent due to Hokiz Investment Ltd at N785m, which Iwuanyawu allegedly failed to pay.
EFCC stated that a petition signed by Abdullahi Malik (SAN) on behalf of Hokiz Investment Ltd was being investigated.
