Businessman in court for allegedly defrauding microfinance bank of N3.9m

A 65-year-old businessman, Emmanuel Emelogu, on Thursday, appeared before an Ogudu Magistrates’ Court, Lagos, for allegedly defrauding a Microfinance bank of N3.9 million.

Emelogu, who resides at Alhaji Eleshin Street, Ogudu in Lagos, is standing trial on a three-count charge of obtaining money under false pretences, stealing and issuing a dud cheque.

The defendant pleaded not guilty to the charges.

The prosecutor, Insp Donjour Perezi told the court that the defendant committed the offences on Aug. 6, 2021, at Supreme Microfinance Bank, Ogudu, Lagos.

Perezi said that the sexagenarian, who is a pensioner, fraudulently obtained N3.9 million from the bank as loan, on the pretext of planning to use the money to expand his transportation business, a representation he knew to be false.

“He later presented a Union bank cheque No 0115187192 of N3.9million dated April 14, 2022, as collateral to secure the said loan.

”When the cheque was presented at the appropriate bank , it was returned dishonoured on the ground of insufficient funds standing on the account,” he said.

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

The prosecutor said that the offences contravened Sections 287, 314(b) and 322(1) of the Criminal Laws of Lagos State, 2015.

Our correspondent reports that Section 287 stipulates three years imprisonment for stealing, while Section 314 attracts 15 years for obtaining money under false pretences.

The Magistrate, Mrs M.O Tanimola, granted the defendant bail in the sum of N500,000 with two sureties in the like sum.

Tanimola directed that the sureties should be gainfully employed and one of them must be a relative of the defendant by blood.

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

Tanimola adjourned the case until March 31, for mention.