A trader, Cephas Peter Olarewaju who allegedly swindled a financial company based in Ilorin to the tune of N46.7 million has been arraigned before an Ilorin Chief Magistrate Court.
The 38-year-old accused was dragged before the court on a one-count charge of advance fee fraud, contrary to Section 1a, b (3) of Advance Fee Fraud and Other Related Offences Act, 2006.
The accused, said to have an office at No. 3/4, Suit Princess Luxury Hotel, Pipeline Road, Ilorin where he engaged in bureau de change, had approached SEAP organization, Ilorin to assist in the exchange of some Nigeria currency to America Dollars.
Prior to the arrest of the accused, one Aluko Olusola of SEAP organization, Geri-Alimi Area, Ilorin had on September 7, 2017 report at ‘A’ Division Police Station, Ilorin that the accused defrauded his company.
According to the complainant, on July 18, 2017 he transferred a sum of N25,690,000 to the UBA account number 1020208120 belonging to the accused with a promise that he (accused) would use his company, CEPHASLIGHT LTD USA bank account to exchange the money to US Dollar.
The complainant stated that on July 24, 2017 another sum of N10,050,000 was transferred to the accused Diamond account number 0068191952 belonging to CEPHASLIGHT LTD (accused company).
The complainant stated further that after the money was paid into the accused account, he directed him (accused) to transfer the money to a customer of SEAP organization in China after he might have exchange it to Dollars.
The complainant added that instead of the accused to transfer the money to the SEAP organization customer as agreed, he converted the money to his personal use.
Police First Information Report (FIR) stated that investigation conducted at the Criminal Investigation and Intelligence Department, Ilorin revealed that the accused fraudulently approached the SEAP organization that his company is into exchange of currency which prompted the organization to engage the accused with a total sum of N46,720,000 to be paid to their customer account in China.
The FIR added that all effort made to recover the said amount from the accused proved abortive.
The prosecutor, Inspector Nasir Yusuf informed the court that investigation into the case was yet to be completed. He urged the court to remand the accused at the police custody to enable the police carryout detailed investigation.
Chief Magistrate A.M. Ibrahim acceded to the submission of the prosecutor, as he ordered that the accused be kept behind bar at the State CID, Ilorin to enable the police complete investigation.
The court adjourned the case till June 25 for further mention.