Forex Trader Docked Over Alleged N4m Fraud
A self-acclaimed Forex trader, Etido Emmanuel, has been arraigned before an Ebute-Metta Chief Magistrate’s Court, Oyingbo, Lagos, for allegedly defraud an investor, Ede Emmanuel of the sum of N4 million.
The defendant was arraigned on two counts charge of obtaining by false pretence and stealing, by the men of Force Criminal Investigation Department (ForceCID) Alagbon-Ikoyi, Lagos. 
The Prosecuting police officer, Barrister Ayodele S. O., while arraigning the defendant on the charges, told the court presided oyer by Magistrate Abimbola Davis, that the defendant between November 2 and 4, 2021, fraudulenty obtained the said sum from the victim, under the false pretence of investing the money in forex trading.
Barrister Ayodele also to the court that after the defendant fraudulenty obtained the said money, from the victim, he diverted same to his personal used and failed to use it for the purpose it was received for.
He told the court that the defendant’s actions contravened Sections 314 and 287 of the Criminal Laws of Lagos State 2015 and punishable under the same law.
However, the defendant denied the allegations and pleaded not guilty. The development which made Chief Magistrate Davis, to admitted him to bail in various and conditions.
Chief Magistrate Davis, however, ordered that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS), till the fulfilment of the bail terms, while adjourned the matter till December 9, 2021, for trial.
Charges Against The Defendant Reads: “that you Etido Emmanuel “M” between November 2 and 4 2020, in Lagos within the Lagos Magisterial District did fraudulently Obtained the sum of Four Million Naira (N4, 000, 000) from one Ede Emmanuel under the false pretense of investing the money in FOREX TRADING and thereby committed an offence coutrary to section 314 of the Criminal Laws of Lagos State 2015.
“That you Etido Emmanuel, on the same date time and place and in the aforementioned Magisterial District did steal the sum of Four Million Naira (N4, 000, 000) from one Ede Emmanuel under the false pretense of investing the money in FOREX TRADING and thereby committed an offence contrary to and punishable under section 287 of the Criminal Laws of Lagos State 2015”.
