Forex operator in court over alleged N5.3million fraud

A 33-year-old businessman, Tunde Adedoyin, who allegedly converted N5.3million belonging to one Oyekunle Oyewole to his own use, was on Monday granted N500,000 bail by an Ikeja Magistrates’ Court.

Adedoyin, a resident of the Isolo area of Lagos, had pleaded not guilty to the two-count charge of stealing and fraud.

The Magistrate, Mrs F.A. Azeez, also asked the accused to produce two sureties, as part of the bail conditions.

According to the Prosecutor, Sgt. Emmanuel Ajayi, the accused committed the offences on May 13 at Oguntayo St., Mushin, Lagos.

Ajayi said that the accused allegedly collected the money from the complainant under the pretext of selling US dollars to him, which he did not.

Ajayi said the complainant approached the accused, who was into the foreign exchange business, to assist his in-law based in the United States, to change currency for his children’s school fees.

“The complainant gave the bank account of his brother-in-law to the accused for him to send the dollars to his account, while he remitted to him in naira here in Nigeria.

“The complainant’s brother-in-law later called to inform him that he got the alert, but no money was in his account.

“It was later discovered that the alert was a scam and the accused was arrested,’’ he said.
The offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015 (Revised).

It was reported that Section 314 prescribes a 15-year jail term for obtaining money under false pretences.

The case was adjourned until Aug. 8, for mention.