The Federal High Court in Lagos has adjourned the arraignment of India-born Nigerian businessman, Sunil Vaswani, Stallion MG Automobiles Limited, and other defendants over alleged N2.06 billion money laundering charges to July 21, 2025.
The adjournment followed the defendants' absence from court on Thursday.
The Economic and Financial Crimes Commission (EFCC) told Justice Chukwujekwu Aneke that it has been unable to secure their attendance.
Vaswani is currently at large, according to the anti-graft agency.
Vaswani, Stallion MG Automobiles Limited, and two directors — Harpreet Singh and Olalere Tajudeen — face a 20-count charge for allegedly failing to report cash deposits totalling N655.35 million made into a Providus Bank account between February 14 and November 29, 2023.
In a separate 20-count charge, Stallion Auto Keke Limited and Olalere Tajudeen are accused of laundering N1.405 billion between November 2, 2020 and December 22, 2021, also through Providus Bank, without reporting to the Special Control Unit Against Money Laundering (SCUML).
The EFCC said the alleged offences contravene Sections 11(1)(b) and are punishable under Sections 11(3) & 19(2)(b) of the Money Laundering Prohibition Act 2022.
EFCC counsel, Henry O. Anaso requested a new date due to difficulties producing the defendants.
None of the accused persons appeared in court and no legal representation was made on their behalf.
Justice Aneke subsequently fixed July 21, 2025, for arraignment.
The charges include transactions of N41.1 million on February 14, 2024; N23.82 million on November 29, 2023; N150 million on March 4, 2021; and N50 million on February 24, 2021, all deposited without mandatory SCUML reporting within seven days.
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