https://thestreetjournal.org/alleged-1-4m-fraud-court-adjourns-trial-of-businessman-accused-of-defrauding-us-university-till-june-27/

The special offences court, Ikeja, Lagos state, on Tuesday, May 16, adjourned the final hearing in the $1.4 million fraud case involving one Kolawole Adedayo Erinle and his firm, Rinde-Remdex Nigeria Limited, till June 27.

Erinle and his company are standing trial on a three-count charge bordering on conspiracy, retention of proceeds of criminal conduct, and obtaining money under false pretence to the tune of $1,410,000 (one million four hundred and ten thousand dollars).

The defendant is accused of defrauding the Kansas City University of Medicine and Biosciences (KCUMB) in the United States (US) of about $1,412,509.

He however pleaded “not guilty” to the charges.

Erinle, who opened his defence on Monday, May 15, denied the charges against him, while being led in evidence by his counsel, Lawal Pedro (SAN).

He claimed that there was actually such Edward Dada, contrary to the evidence presented by the prosecution.

The defendant also told the court that he, indeed, met the said Dada “in person when he came to Nigeria from the US.”

Erinle said that, “I met him and I spoke with him. He told me that he resides in Texas, and he made me aware that he is a citizen of Nigeria and the United States.

“It was around November to December 2018 at a burial of a family friend, where he was introduced to me.

“I told him that I needed investors for my real estate business,” he added.

He noted that they exchanged contacts and said Dada, after travelling back to the US, later asked for his company’s bank account details, to which he transferred $1,410,000 to him, using his own bank account in the US.

Under cross-examination by the prosecution counsel, T.J. Banjo, during the proceedings, Erinle admitted to have been convicted in the US for bank fraud, where he was sentenced to a 27-month jail-term and equally served his term.

He further confirmed that his firm received the $1,410,000 through Edada Autoparts, a company which belongs to the said Dada.

Erinle also confirmed that he was the one who withdrew the money from the account of Rinde-Remdex Nigeria Limited, his firm, and shared the same to different other accounts.

He, however, claimed that he withdrew the money because the said Dada stated that he was no longer interested in investing in his real estate business.

The defendant noted that he had to withdraw the money and convert it to naira, adding that he handed over the money back to the said Dada.

“We haven’t started developing the portion I allocated to Edward Dada and it was cut short because he said that he was no longer interested, as he pulled out of the contract,” Erinle said.

He further claimed that he returned “all the $1,410,000 to Edward Dada and that’s why there’s no lawsuit from him.”

However, he could not present any document to show that he indeed returned money to the said Dada, nor did he give details as to where and how he returned all the money.

Thereafter, Pedro called the second witness, one Musa Akande, who claimed that he never had any business with the said Dada, but that the defendant actually told him about him, “as he and the defendant were both into real estate business and had known each other since 2016.”

“The defendant just mentioned it to me, but how the relationship started and ended, I don’t know,” Akande said.

Meanwhile, the presiding judge, Justice R.A Oshodi adjourned the case till June 27 for final hearing.

Nigerians and fraud are like 5 & 6.

Na them o
Ndi accomodating landlords.