Green Fuels drags Deepak Khilnani to court over $8m fraud

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By Akin Kuponiyi

In a bid to recover the sum of $8,619,997.00 alleged to have been fraudulently converted by its former expatriate Managing Director, Deepak Khilnani, a Limited Liability Company, Green Fuels Limited has renewed its legal battle against said former boss.

The expatriate who resides both in Nigeria at 21 Adeniyi Jones Avenue Ikeja Lagos and in United Kingdom at 7C Pembridge Villas, London W113EN was alleged to have been convicted in London for false accounting; making false statement to auditor and trading with intent to defraud creditors, and did not disclose his prior conviction throughout his affairs with the Green Fuels company.

In an amended statement of claim filed before the court by the Law firm of Argyle & Clover, it was alleged that, “At the company’s Board of Directors meeting held on 15th March 2012, the company’s Auditor, the firm of Omogoroye, Akin Popoola & Company presented the Company with the Audited Financial Statements for the year ended 31st March, 2011 which revealed weakness in the Company’s system of accounting and internal control which resulted in defalcations that the audit test may not necessarily detect.

After the presentation, the Directors raised questions bordering on fraud and other financial malpractices and it was directed that the auditors review the validity and accuracy of the financial transactions and supporting documents for same which led to preparation of the auditors report dated 27th March 2012.

Prior to the auditor’s report, there was due diligence exercise conducted …Read More

Source:: PM Newspaper