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Court grants businessman N500,000 bail over N1m fraud

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Fraud

A 32- year-old businessman, James Iheagwu, is standing trial before an Ogudu Magistrates’ Court, for allegedly defrauding a microfinance bank of N1 million.

The defendant, whose address was not provided, is facing charges bordering on obtaining money under false pretext, stealing and issuing a dud cheque.

The prosecutor, Lucky Ihiehie, told the court that the offences were committed sometime in Oct. 2018 at Ojota, Lagos.

Ihiehie alleged that the defendant obtained N1million from the complainant, David Dani Microfinance bank on the pretext of funding his (defendant) supermarket.

He told the court that the complainant had arrested the defendant after he failed to repay the loan.

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“After settling the matter at the police station, with the defendant promising to repay his loan, issued the complainant a dud cheque to the prejudice of the said bank.

The prosecutor said the offences contravened Sections 287, 315 and 316 of the Criminal Law of Lagos State, 2015.

The News Agency of Nigeria (NAN) reports that Section 287 prescribes three years jail term any convicted offender, while Sections 315 and 316 prescribes 15 years imprisonment for any convicted offender.

The defendant, however, pleaded not guilty of the offences and requested the court to grant him bail.

The Magistrate, Mrs E. Kubeinje, granted the defendant bail in the sum of N500, 000 with two sureties in like sum.

Kubeinje ordered the sureties to show evidence of tax payment for two years to Lagos State Government as part of the bail conditions and adjourned the case until April 8, for a mention.

The post Court grants businessman N500,000 bail over N1m fraud appeared first on Tribune Online.

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