Police Arraign Businessman For Alleged N18m Investment Fraud

The police in Lagos have arraigned a businessman, Johnny Lulubarango before a Chief Magistrate’s Court sitting in Tinubu area of the state for allegedly obtaining money under false pretence and fraud of N18 million.

The prosecutor, Morufu Animashaun from the Force Criminal Investigation Department ForceCID, told Magistrate Kemi Awoyinka that Lulubarango committed the offences sometime in May 2022.

Animashaun also claimed that the defendant, who resides in Port-Harcourt, River State, obtained the sum of N18 million from a firm called ‘Nomba’ with a promise of investing the money in a business and paying back the company the proceeds of the funds.

The police lawyer further informed the court that the defendant received the money from the company in three tranches, which were paid into the following accounts: 08037954863, 08063507938 and 08033425261.

The prosecutor also alleged that the defendant, after receiving the money, failed and refused to pay it back to the company but fled to Port-Harcourt, River State, where the police operatives later apprehended him.

He maintained that the acts contravened sections 322 and 287(7)(d) of the Criminal Law Ch.C17, Vol 3, Laws of Lagos State 2015.

The defendant, however, pleaded not guilty to the charge.

After his plea was taken, Animashaun urged the court for a trial date. He also urged the court to remand the defendant in prison till the determination of the charge.

However, the defence lawyer, Omobolaji Adeyemi, pleaded with the court to grant his client bail in the most liberal terms, saying that the allegations against his client are bailable.

Magistrate Awoyinka, in her ruling, granted the defendant bail in the sum of N2 million with two sureties in like sum.

She also ordered that the sureties must be residents of Lagos State, with evidence of three years tax payment to Lagos State. And that they must have a bank account having N2 million, which will be in the history till the determination of the charge.