Police Arraign Forex Trader Over Alleged N69.012m Fraud

Police Arraign Forex Trader Over Alleged N69.012m Fraud

A forex trader, Olasukanmi Babatunde Ogundipe, was today, arraigned before a Lagos Federal High Court, over alleged N69. 012 million fraud.

The forex trader was arraigned before the court presided over by Justice Peter Lifu, alongside his company, Kashzone Fintech Limited, on 16 counts charge, on conspiracy and obtaining by false pretence, by the men of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.

The prosecutor, Mr. Justine Enang, while arraigning the defendant, informed the court that, the defendant and his company, fraudulently obtained the money from his victims, under the pretence of investing the money in a forex trading, with multiple Return On Investment (ROI).

Among those allegedly defrauded by the defendant included: Ngozi Odiakaose; Amadi Christiana; Akinade Oyekunle; Olukoju Ayomide; Oluwafemi Oresanya; Adebodun Adetutu; Olowofela Olawale Rasheed; Hope Ohilebo; Abumere Magdalene; Titus Adenike Roseline; Ochuko Onoro; Adebanjo Adeyemi; Oyedokun Adedamola and Olowookere Stella.

The prosecutor told the court that the offences committed by the defendant, contravened Sections Section 8(a) and 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.

The defendant, pleaded not guilty to the charges.

With the defendant’s not guilty plea, the prosecutor, asked the court for a trial date and also urged the court to remand him in the custody of the Nigerian Correctional Services (NCoS).

However, Justice Lifu, despite the absence of lawyer to the defendant, admitted bail to the defendant in the sum of One million with a surety in like sum.

The surety, the judge ordered, must be a Civil Servant on Grade Level 14, and above, who must be a resident of Lagos State.

The judge while adjourning the matter till November 30, for trial, ordered that the defendant be remanded in the NCoS’ custody, till when he will meet the bail terms.