The Police on Thursday docked a businessman, Olusegun Odunlami, 39, at an Ogudu Magistrates’ Court in Lagos, charged with an alleged N700, 000 fraud.
Odunlami, who resides at the Ketu area in Lagos, is facing a two-count charge of stealing and obtaining money under false pretence.
The Police Prosecutor, Insp. Lucky Ihiehie, said the defendant committed the offences on Dec. 14, 2018 at Ketu.
Ihiehie alleged that the defendant approached the complainant, Gabriel Oshunleti, to lend him N700, 000 under the pretence of using the money to buy “electronics,” to resell and make some money.
He said Odunlami promised to return the money to Oshunleti with interest, within two weeks.
Ihiehie said that instead, Odunlami failed to fulfill the agreement and allegedly converted the money to his personal use.
He said that efforts by the complainant to get his money back failed.
The prosecutor said the offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015.
Section 287 stipulates three years imprisonment for stealing, while Section 314 prescribes a 15-year jail term for obtaining by pretence, on conviction.
The defendant, however, pleaded not guilty to the two-count charge.
The Magistrate, Mrs Ejiro Kubeinje, admitted the defendant to bail in the sum of N250, 000 with two sureties in like sum.
Kubeinje said that the sureties should show evidence of tax payments to the Lagos State Government and adjourned the case until Oct. 15.
(Edited by Joe Idika/Idonije Obakhedo)