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The Economic and Financial Crimes Commission (EFCC) has arraigned three Indian nationals and a Nigerian before the Kwara State High Court sitting in Ilorin over alleged conspiracy and criminal breach of trust involving steel products belonging to their employer.
The defendants, Lalit Sarwat, Ravi Raghavendra and Gagan Sarswat, all Indians, alongside Oniyide Samuel, an Ilorin-based dispatch manager, were on Wednesday, December 17, 2025, brought before Sulaiman Akanbi (Justice) on a two-count charge bordering on conspiracy and criminal breach of trust.
The charges are said to be contrary to and punishable under Sections 97 and 314 of the Penal Code.
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According to the EFCC, the defendants were at various times employees of KAM Steel Integrated Company Limited and allegedly conspired between November 2024 and September 2025 to unlawfully convert company property to their own use.
In count one of the charge, the Commission alleged that the defendants, together with one Kumar Saroj, who is currently at large, agreed among themselves to commit criminal breach of trust while serving as employees of the steel manufacturing firm.
The second count stated that the defendants, having been entrusted with the company’s property, specifically steel rebars, dishonestly misappropriated or converted the items, thereby committing criminal breach of trust.
The prosecution alleged that Oniyide Samuel operated under the name and style of Incognito Steel in the course of the alleged offences.
According to the agency, the defendants pleaded not guilty to the charges when they were read to them in open court.
Following the plea, Cosmas Ugwu, EFCC counsel, applied for the remand of the defendants in the custody of the Nigerian Correctional Service (NCoS) pending the commencement of trial.
However, defence counsel Ademuyiwa Abe, S. J. Ochai and D. M. Ayuba filed bail applications on behalf of their clients, arguing that the offences were bailable and urging the court to admit the defendants to bail.
Opposing the applications, Ugwu urged the court to refuse bail, contending that three of the defendants are foreign nationals and therefore pose a flight risk.
He also requested an accelerated hearing of the case to ensure speedy dispensation of justice.
Akanbi adjourned the matter to Friday, December 19, 2025, for ruling on the bail applications.
The court also ordered that the defendants be remanded in the custody of the Nigerian Correctional Service pending the determination of their bail requests.
