Internet fraudster for $6,300 scam
Economic and Financial Crimes Commission, EFCC has arraigned one Uche Obodoekwe alongside his company DE CANON Investment Limited before Justice MB Idris of the Federal High Court Lagos on an 8-count charge bordering on Money Laundering.
He allegedly used the property of an insurance firm, Royal Exchange Assurance Plc as collateral to secure a N500, 000,000 (five hundred million naira only) loan from the defunct First Inland Bank, purportedly to purchase about two hundred million units of shares.
However, after taking the facility, the accused neither used the money to buy shares nor service his obligation to the bank.
Investigations revealed that N480 million of the said loan was placed on call deposit by Uche, which he eventually converted to personal use.
The accused pleaded not guilty when the charge was read to him.
Justice Idris granted the accused persons bail in the sum of N10, 000,000 and two sureties in like sum.
The case was adjourned to June 17 and 18, 2015 for commencement of trial.
In a related development, the EFCC has arraigned one Adekunle Olayemi before Justice Lawal Akapo of Lagos State High Court, sitting in Ikeja on a 3-count charge bordering on possession of false documents and obtaining money by false pretence.
When the charges were read to the defendant on May 12, 2015, he pleaded not guilty.
Justice Lawal-Akapo adjourned the case to June 17, 2015 and ordered that the defendant be remanded in Kirikiri maximum prison.


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