The Nigerian police have arraigned a young man, Joshua Adeyinka Kayode, (22), before a Federal High Court sitting in Lagos, for allegedly using a fake investment scheme to defraud 170 people to the tune of N10.7 billion.
He was arraigned on Thursday before Justice Tijjani Ringim on 170 counts of conspiracy and obtaining money by false pretence alongside his company, Quintessential Investment Company Limited, by the men of Force Criminal Investigation Department (ForceCID) Annex, Alagbon-Ikoyi, Lagos.
Counsel for the prosecution, Williams Tijjani, told the court that the defendant and others now at large, committed the offences between July 2020 and March 2021.
He also told the court that the defendant defrauded the victims under the pretence of false multiple returns on investment.
According to the prosecutor, the offences committed by the defendant are contrary to and punishable under sections 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.
The defendant, however, denied the allegations and pleaded not guilty to all the counts.
Upon a not-guilty plea, the prosecutor, asked the court to remand him in the custody of the Nigerian Correctional Services (NCoS), pending when his bail application would be heard and determined.
Counsel to the defendant, Snr Advocate of Nigeria, Mr Emeka Okpoku, did not oppose the prosecutor’s remand application, but instead asked the court for a short date to enable him file the bail application.
After listening to the submission of parties, Justice Tijjani Ringim, adjourned the matter till August 11, for the hearing of the defendant’s bail application.
Justice Ringim also ordered that the defendant be remanded in the custody of the NCOS, till the hearing and determination of his bail application.