Police Arraign Crypto Currency Marketer For Alleged N51.7m Fraud

A crypto currency Marketer, Temitope Olatokunbo Longe, has been arraigned before a Lagos Federal High Court, over alleged obtaining the sum of N51, 789, 422 million by false pretence and fraud.

Temitope was arraigned before the court presided over by Justice Tijjani Ringim, on the alleged offences by the operatives of the Police Special Fraud Unit (PSFU) Ikoyi, Lagos.

PSFU through it’s prosecutor, Mr. Enang Justin, told the court that the crypto currency operator and others now at large, committed the offences in Lagos, sometimes in 2017.

The prosecutor told the court that the defendant fraudlently obtained the sum of N25, 894, 711 million, from one Dr. Abiodun Adefunrin, with false pretence pretext of investing same in Crypto Currencies and Forex Trading.

He also told the court that the defendant fraudulently obtained the sum of  N25, 894, 711 million, property of Francis Adedeji Aremu, and converted same to his personal use.

The prosecutor told the court that the offences committed by the crypto currency operator, contravened sections 8(a) and 1(1){a)  and punishable under Section 1(3) of Advance Fee fraud and other Fraud Related Offences Act, 2006.  

He also told the court that the offence is contrary to and punishable under Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as Amended in 2012. 

However, the defendant, denied the allegations and pleaded not guilty to the charges.

Following the defendant’s plea of not guilty, the prosecutor asked for a trial date, while also urged the court to remand him in the custody of the Nigerian Correctional Services (NCoS) till the determination of the charges against him.

But the defendant through his counsel, pleaded with the to admit him to bail in the most liberal terms.

His counsel told the court that his client is a first time offender and that charges against him are bailable ones.

Justice Ringim after listening to counsel’s submissions, admitted bail to the defendant in the sum of N20 million with two sureties in the like sum.

The judge further ordered that one of the sureties must be a Civil Servant not below Grade Level 14, among others. 

The judge while ordered that the defendant be remanded in NCoS’ custody till when he is able to meet the bail conditions, adjourned the matter till March 30, 2023, for trial.