The police on Tuesday arraigned a 25-year-old man, Olotu Makanjuola, before an Ado-Ekiti Chief Magistrates’ Court for allegedly converting customers’ funds into personal use.
The defendant, whose address was not provided, is standing trial on a two-count charge of fraud and conversion of funds .
The Prosecutor, Insp. Akinwale Oriyomi, told the court that the defendant committed the offence on Aug.15 at Igbole-Ekiti.
He alleged that the defendant allegedly opened a banking business tagged, Onafrig Company Baxi Box Platform with the intent to defraud unsuspecting customers.
Oriyomi said that unsuspecting consumers deposited the sum of N5.7 million into the company.
He alleged that Makanjuola, instead, fraudulently converted the money into his own personal use.
According to him, the offence contravened Section 329(3) and Section 295 and punishable under Section 302(1) of the Criminal Law of Ekiti State, 2021.
The prosecutor asked the court for an adjournment to enable him to study the case file and present his witnesses.
The defendant, however, pleaded not guilty to the charge preferred against him.
Counsel to the defendant, Mr Sunday Ochai, urged the court to grant the defendant bail, with a promise that Mankanjuola would not jump bail.
The prosecutor, however, opposed the bail application, saying, if granted bail, he would jump bail because he was tracked before he was apprehended.
The Chief Magistrate, Mr Abayomi Adeosun, granted the defendant bail in the sum of N250,000 with two sureties in like sum.
Adeosun said one of the sureties must be the mother of the defendant and she must provide evidence of her appointment letter.
He adjourned the case until Nov.6 for hearing
