SFU arraigns company manager over alleged N100m fraud

The Special Fraud Unit (SFU) of the Nigeria Police has charged a company Manager, Ayo Balogun, with N100 million fraud and issuance of dud cheques. The accused, who is Manager of Cash Craft and Asset Management Ltd., was charged before Justice Oluremi Oguntoyinbo of a Federal High Court in Lagos. The judge had issued a bench warrant for his arrest following an application by the prosecution counsel, Mr Sylvester Azubuike. The accused had failed to appear in court to face the charges. He was charged alongside one Sunday Olorunjuwon, who had earlier been arraigned. Balogun was consequently arrested and brought to court. He, however, pleaded not guilty to the charges. The court admitted him to bail in the sum of five million naira, with two sureties in like sum. According to the judge, the sureties must be owners of landed property within the court’s jurisdiction and possess three years’ tax clearance. The judge also ordered that the statement of the company’s account must be filed before the court. Meanwhile, the judge allowed the co-accused (Olorunjuwon) to continue with the bail granted during his arraignment. She adjourned the case until Feb. 6, 2019, for trial. In the charge sheet marked FHC/L/47c/18, the SFU alleged that the accused and others at large committed the offences sometime in January 2017 at their office on Dolphin Estate, Ikoyi, Lagos. It said that they fraudulently obtained N100 million from one Mr Nnaemeka Chukwuma, on false pretences that the money would be invested in the company for his profits. The SFU also alleged that the second accused issued four Guaranty bank cheques to the victim, adding that the all the cheques were dishonoured due to insufficient fund in his account. The offences contravene the provisions of Sections1 (a), 1(3), and 8(a) of Advanced Fee Fraud and Other Fraud Related Offences Act, 2006.