Stanbic-IBTC Bank’s Client Arraigned Over Alleged N21m Fraud
Stanbic-IBTC Bank is currently embroiled in alleged N21 million fraud, which one of its clients, Mr. Adeoye Olateju, was alleged to have fraudulently lodged in his company’s account with the bank.
Meanwhile, the Stanbic-IBTC Bank’s client, Adeoye, has been arraigned by the police for the alleged fraud, before an Igbosere Chief Magistrate’s Court, Lagos.
The 36 years old, Stanbic-IBTC’s customer, according to the police, allegedly received the said sum between 2018 and May 12, 2020, through his company’ account with the bank.
His company, Racutej Investment Intlcen was said to be operating an account number ODA-0027832686 with Stanbic-IBTC Bank.
He was arraigned on charges bordering on felony to wit money laundering, fraudulent receive and convert, and being in possession of stolen funds.
Arraigning the Stanbic-IBTC Bank’s client on Friday, the prosecutor, Mr. Shinaolu Adeoye, a Superintendent of Police (SUPOL) told the court presided over by Chief Magistrate Olufolake Oshin, the defendant and his cohorts, now at large, have been using the bank to fraudulently receive monies since 2018 till May 12, 2020, when he was arrested.
The prosecutor, Shinaolu, also told the court that the defendant was unable to disclose the source and origin of the money. Adding that investigation revealed that the defendant and others now at large, engaged in fraudulent act.
He told the court that the offences committed by the defendant, contravened sections 411, 332(3) and 328 of the Criminal Laws of Lagos State, 2015.
The Stanbic-IBTC Bank’s client pleaded not guilty to the allegations.
Following the defendant’s not guilty plea, the prosecutor asked the court for a trial date, while also begged the court to remand him till the conclusion of trial.
However, his counsel, Johnson Ajigbola, pleaded with the court to grant his client bail in the most liberal terms, as all the allegations against him are bailable ones.
Acceding to the defendant’s counsel request, Chief Magistrate Oshin, granted bail to him in the sum of N500, 000, 00, with 2sureties who must have a verifiable address and tax payers to Lagos State government.
The matter has been adjourned till June 23, for mention.
Charges against the Stanbic-IBTC Bank’s client reads: “that you Adeoye Olateju, ‘M’ and others now at large, between 2018 and 12th May, 2020, Lagos, in the Lagos Magisterial District did conspired among yourselves to commit felony to wit Laundering, and thereby committed an offence contrary to and punishable under Section 411 of the Criminal Laws of Lagos State, 2015.
“That you Adeoye Olateju, ‘M’ and others now at large, in the aforementioned magisterial district did receive and convert to your own use the sum of Fifty Thousand United States Dollar ($50, 000) equivalent of Twenty One Million Naira (N21, 000, 000, 00) through your IBTC Bank account No. ODA-0027832686 with account name RACUTEJ Investment INTLCEN owned by you and your cohorts with the aim of concealing or disguising its illegal origin as you could not give real source of the and money and thereby committed an offence punishable under section 332(3) of the criminal Law of Lagos State, 2015.
“That you Adeoye Olateju ‘M’ and others now at large on the aforesaid date, place and time, at the aforementioned magisterial district, did fraudulently received the sum of Fifty Thousand United States Dollars ($50,000) equivalent of One Million Naira (N21,000,000.00) into your Stanbic IBTC Bank account No. ODA-40027832686 with account name RACUTEJ INVESTMENT INTLCEN owned by you and your cohorts reasonably believed or suspected to be stolen my and thereby committed an offence punishable under section 328 of the Law of Lagos State, 2015”.