Businessman Remanded Over Alleged N600m Fraud

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Businessman Remanded Over Alleged N600m Fraud

A businessman, Babatunde Ayantunji, 48, has been arrested and arraigned before a Lagos Magistrate Court for allegedly conniving with others still at large to obtain the sum of USD2m from the complainant, Abubakar Mukaila with the promise to exchange the money for him in Naira equivalent of N600m, but instead allegedly converted the money to his use.

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Police alleged that the accused was arrested on the order of the Assistant Inspector General of Police, AIG in charge of Zone 2 Command, Onikan Lagos, Adamu Ibrahim following a petition by Abubakar Mukaila.

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The accused was charged before an Igbosere Magistrate Court, Lagos on a three-count charge of felony to wit. obtaining money under false pretence and stealing.

Police Prosecutor, Abbass Abayomi informed the Court in charge No C/80/2017 that the accused and others still at large committed the alleged offence on July, 2017 in Ogba
area of Lagos State.

Abayomi told the Court that the complainant reported to the Police that the accused
introduced himself to him as a foreign exchange operator and that he entrusted the sum of USD2m dollars to him on trust to help him exchange the money to Naira equivalent of N600m.

He said the complainant stated that after the accused received the foreign currencies from an American Bank account with No 89808755419, the accused instead of converted the USD2m dollars to his use and failed to provide the Naira equivalent to him till date.

Abayomi said that the complainant further stated that he reported the matter to the Police when all his efforts to retrieve his money from the accused proved futile.

He said that the offences the accused committed were punishable under sections 411, 314 and 287 of the Criminal Laws of Lagos State, 2015.

The accused, however, pleaded not guilty to the alleged crime in the open Court and Chief Magistrate, A.O. Komolafe granted him bail in the sum of N50m with two sureties in like who must own landed properties in Lagos.

Komolafe also directed that the sureties must deposit their international passports with the court and adjourned the case till 9 January, 2017 for mention.

Komolafe ordered that the accused be remanded at Ikoyi prison till he is able to fulfill the bail conditions.

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