Magistrate Muhammed Ibrahim of Ilorin, Kwara State on Tuesday denied bail application to one of the conveners of Prime Trade Investments, Akorede Adegboyega Agarawu over alleged N300million fraud.
Agarawu who operated the business under the fake name of Chief Adekunle Ogunbanjo Jamiu was said to have conspired with Danni Muhammed and Yusuf Balogun to defraud over 100 people under the trade name, ‘Prime Trade Investments Nig. Ltd of Jam Fortune House, Police road, Ilorin.
According to the First Information Report (FIR), Agarawu was charged to court with the offences of criminal conspiracy, forgery, false impersonation, using as genuine forged document and obtaining property under false pretences contrary to sections 97, 364, 179, 336 of penal code and other fraud related offences Act 2006.
The police report also stated that the illicit business of the trio came to the open after the Commissioner of Police received petition of one Mr. Ashaolu Joseph, Adebayo Saheed Abefe, Opeleye Gabriel, Martin Lawrence, Paul Anene and Onasanya Emmanuel Oludayo all of various addresses in Ilorin through Armstrong Attorneys, Legal Practitioner and Consultants.
Following the discreet investigation of the police, it was reported that sometimes in July, 2018, the complainants and several other members of the community numbering about 100 were deceitfully lured to participate in the purported bitcoin business by depositing money with the view to receive 25 per cent interest of the deposit in five days.
Though the actual amount deposited so far by the various customers has not been ascertained but police report noted that it is over N300million.
The police report added that the accused persons after securing the money, ran away on 31st, August, 2018.
Investigation conducted into the complaint so far revealed that the suspects floated the said company with intent to defraud depositors of their money.
Police investigation further disclosed that the suspects employed several staff as marketers who used to share leaflets of the said fraudulent company to people in the metropolis.
The marketers who have been arrested immediately the business managers absconded are equally facing trial before magistrate Ibrahim.
They are currently on bail though with stringent conditions.
Further investigations added that the suspects presented themselves with fictitious names, forged certificate with the view to convince the customer to participate in the business.
Meanwhile, concerted police efforts led to the arrest of one of the convener Agarawu who had used the fake name Chief Adekunle Ogunbanjo Jamiu to defraud people in Ilorin.
According to the FIR, the suspect was arrested at his residence in Ibadan, Oyo State while others are still at large.
On Tuesday, his counsel, Barr. Tunde Abdul Gegele approached the court with an application for his bail but it was turned down by the court.
The court in his ruling admitted not having the jurisdiction to hear the matter adding that the offences of the accused person is not ordinarily bailable as a matter of law.
He however remanded the accused person in prison while the matter was adjourned to 25th October, 2019.