The police in Lagos have arraigned a 22-year-old man, Joshua Adeyinka Kayode, before the Federal High Court in the state for allegedly defrauding 170 people of N10.8 billion through a fake investment scheme.
Kayode was docked before the court by the men of Force Criminal Investigation Department (ForceCID) on a 17-count of conspiracy and obtaining money by false pretence alongside his company, Quintessential Investment Company Limited.
The prosecutor, Williams Tijjani informed the trial judge, Justice Tijjani Ringim that the defendant and others now at large, committed the offences between July 2020 and March 2021.
Tijjani also told the court that the defendant defrauded the victims under the false pretence of giving out fraudulent multiple returns on their investment.
The lawyer claimed that the offences are contrary to and punishable under section 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.
The defendant, however, pleaded not guilty to the charge, a development which made the prosecution to urge the court to remand him in the custody of Nigerian Correctional Services (NCoS), pending when his bail application would be heard and determined.
The defence counsel, Emeka Okpoku (SAN) did not oppose the prosecutor’s application, but asked the court for a short date to enable him file a bail application on his client’s behalf.
After listening to the submission of parties, Justice Tijjani Ringim, adjourned the matter till July 11, for hearing of the defendant’s bail application.
Justice Ringim also ordered that the defendant be remanded in the custody of NCOS, till the hearing and determination of his bail application.