Businessman docked for alleged N5m fraud

A 49-year-old businessman, Ogundipe Adepitan, on Thursday appeared before an Ogudu Magistrates’ Court, Lagos, for allegedly defrauding a bank of N5million.

Adepitan, who resides in Ketu area of Lagos, was standing trial on three-count charge of obtaining money under false pretenses, stealing and issuing dud cheque.

The dependant pleaded not guilty to the charge.

The Prosecutor, Insp. Sunday Bassey, had told the court that the defendant committed the offences in January at Davo Dani Microfinance Bank, Ogudu, Lagos.

Bassey said that the defendant fraudulently obtained N5 million from the bank for a business, which he failed to do.

“He later issued a cheque of a new generation bank, which was returned due to insufficient funds,” he said.

Bassey said that the defendant was arrested when the complainant reported the case to the police.

The prosecution said the offences contravened Sections 287, 314 and 321 of the Criminal Law of Lagos State, 2015.

It was reported that Section 287 stipulates three years imprisonment for stealing, while Section 314 attracts 15 years for obtaining money under false pretenses.

The trial judge, Magistrate, Mrs A.O. Daodu, granted the defendant bail in the sum of N500, 000 with two sureties in like sum.

Daodu ordered that one of the sureties must be related to the defendant and both sureties should be gainfully employed.

She added that the sureties should show evidence of two years tax payments to the Lagos State Government.

Daodu adjourned the case til Sept. 22 for mention.