Man arraigned for N20m investment scam


THE Kaduna Zonal Office of the Economic and Financial Crimes Commission, EFCC, has arraigned one Abdullahi Abdulraheem before Justice MT Mu’azu of the Kaduna State  High Court,  Kaduna on a three count charge bordering on obtaining by false pretence criminal breach of trust and cheating, to the tune of N20,000,000 (Twenty Million Naira).

The defendant allegedly tricked the complainant to invest the sum in a company called Insta Forex with promises of attractive return on investment, but diverted the funds to other use.

One of the counts reads, “that you Abdullahi Abdulraheem Ola sometimes between the month of May, 2017 and January, 2018 in Kaduna within the jurisdiction of this Honourable Court entrusted with the sum of N 20,000,000 (Twenty Million Naira) by Usman Ishaku, Suleiman Bukar, Nuraddeen Abubakar and Fatima Garba to open accounts and invest the fund in Insta forex Investment for them, dishonestly committed an offence contrary to Section 296 of the Kaduna State Penal Code Law 2017 and punishable under Section 297 of the said law.

Upon his arraignment in court he pleaded not guilty to the charges against him.

A statement by the EFCC said that in view of his plea, prosecuting counsel, Onyeka E.  Ekweozor urged the court to fix a date for trial and remand the defendant in prison custody pending the determination of bail application.

It added that Justice Mu’azu adjourned the matter to October 23, 2019 for ruling on the bail application and January 30, 2020 for trial.

The judge also said the accused should be remanded in Nigerian Correctional Services custody.

– Oct 17, 2019 @ 10:05 GMT |

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