The Nigerian police have arraigned a young man, Joshua Adeyinka Kayode, (22), before a Federal High Court sitting in Lagos, for allegedly using a fake investment scheme to defraud 170 people to the tune of N10.7 billion.

He was arraigned on Thursday before Justice Tijjani Ringim on 170 counts of conspiracy and obtaining money by false pretence alongside his company, Quintessential Investment Company Limited, by the men of Force Criminal Investigation Department (ForceCID) Annex, Alagbon-Ikoyi, Lagos.

Counsel for the prosecution, Williams Tijjani, told the court that the defendant and others now at large, committed the offences between July 2020 and March 2021.

He also told the court that the defendant defrauded the victims under the pretence of false multiple returns on investment.

According to the prosecutor, the offences committed by the defendant are contrary to and punishable under sections 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

The defendant, however, denied the allegations and pleaded not guilty to all the counts.

Upon a not-guilty plea, the prosecutor, asked the court to remand him in the custody of the Nigerian Correctional Services (NCoS), pending when his bail application would be heard and determined.

Counsel to the defendant, Snr Advocate of Nigeria, Mr Emeka Okpoku, did not oppose the prosecutor’s remand application, but instead asked the court for a short date to enable him file the bail application.

After listening to the submission of parties, Justice Tijjani Ringim, adjourned the matter till August 11, for the hearing of the defendant’s bail application.

Justice Ringim also ordered that the defendant be remanded in the custody of the NCOS, till the hearing and determination of his bail application.

Source; https://www.channelstv.com/2021/08/05/man-docked-for-allegedly-defrauding-170-people-of-%e2%82%a610-7bn/

cc; lalasticlala

He also told the court that the defendant defrauded the victims under the pretence of false multiple returns on investment.

Nigerians won’t just learn from MMM saga.

But wait I don’t get it, he got 10.7 billion Naira from just 170 people.

Nice one

Deep Quote
Be ready to do the time if you are actively or passively into crime.

BTW many people tend to shy away from doing due diligence before investing their moneys and it shows that very few people are financially intelligent.
You need to check the past track records of any investment platform convener or try get to see reviews or personally scrutinize such persons.
This is why we normally vote wrong people into leadership because most Nigerians are never doing back ground or past antecedents checks.


In another news learn how to invest into Consumables or com on board a formidable consumables traders group and be rest assured of $400 and above monthly profits with an investment of $1,300 or naira equivalent!


@SENIORWRITER

Crime doesn’t pay

The figures are more APC like than reality and that can even kill the case. How can a mere 170 raise N10.7b? Or we demand that they make the list of the 170 people public so we can ascertain how rich they are.

That guy wani to chop alone. He ought to have ordered some cool native clothes from Abba Kyari.

Court why now? I would have preferred the court to arraign and jail both the scammer and the victims. Victims need to be jailed for longer period for others to learn from them because they are lazy as our able president once described them. They want "multiple returns", semi-useless human beings. Court should pay both scammer and the victims with "multiple jail terms"