A forex business between two men in Ogun has turned sour.
One of them, 25-year-old Balogun Alli, on Thursday appeared before an Abeokuta Magistrates’ Court, for alleged fraud.
Alli, whose address was not provided, is facing a two-count charge of fraud and stealing.
He, however, pleaded not guilty to the charges.
The prosecutor, Insp. Olaide Rawlings, told the court that the defendant committed the offences on Dec. 1, 2020 at the Federal University of Agriculture area, Abeokuta.
Rawlings said the defendant fraudulently collected the money from the complainant, Mr Teslim Nafiu, on the pretext that he would invest it in forex trading.
She said the defendant instead converted the money to his personal use.
The prosecutor said the offences contravened Section, 518(7) 419 and 390(9) of the Criminal Law of Ogun, 2006.
The Magistrate, Mr D.S Ogongo, granted the defendant bail in the sum of N1 million with two sureties in like sum.
Ogongo ordered that the sureties must provide evidence of tax payments to the Ogun government.
He adjourned the case until April 9 for mention.
