Police Arraign Businessman Over N34.8m Fraud

A businessman, Victor Iloweremuo, alongside his company, Ilo-Vic Investment Limited, was on Friday, arraigned before a Lagos Federal High Court, Lagos, on charges bordering on N34. 840 million fraud.

The accused and his company were charged before Justice Sule Hassan led-court, by Special Fraud Unit (SFU) Ikoyi Lagos, on the alleged offence.

The SFU in the charge marked FHC/L/110c/2017, alleged that the accused with an intent to defraud, presented himself to one Uzoekwe Romanus Okechukwu, claiming to be one Chigozie Okorie, the Managing Director of Expect Resources Limited, who had United States of America’s Dollars, for sale.

The police through its prosecutor, Mr. Sylvester Azubike, told the court that the accused in order to defraud his victim, collected the said sums in tranches of N4.370 million, N6.510 million, N6,6 million, N10.850 million and N6.510 million, between March 4 to 7, 2015.

The prosecutor told the court that the accused collected the said money through his Diamond Bank’s account with number: 001037046, with the promise to give the victim US dollars equivalent.

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The prosecutor told the court that the victim of the fraud reported the matter to the police, after all avenue explored to get the money back from him failed.

He told the court that the action of the businessman contravened sections 1(1)(b) of the Advance Fee Fraud and other Fraud Related Offences Act No.14 of 2006 and punishable under section 1(3) of the same Act.

The accused however pleaded not guilty to the charges.

Upon the accused’s plea, his lawyer pleaded with the court to let his client continued with the terms of the bail earlier granted him by the police.

In urging the court for such, the lawyer told the court that his client had paid N25 million, to the complainant, and that he is ready to pay the remaining within short possible time.

The lawyer pleaded with the court to let the accused continue with the police’s administrative bail.

The prosecutor did not oppose the submission of the lawyer.

Consequently, Justice Hassan, while conceding to the request of the accused’s lawyer, however ordered that the accused must present to court two sureties, one of which is must be a Grade Level 14 in the Federal government establishment, and the other surety must be a landed property owner in Lagos state, or a businessman who registered with Corporate Affairs Commission (CAC).

Justice Hassan’s ordered that the sureties must deposit all documents confirming their status with the court’s Deputy Chief Registrar (DCR).

The matter has been adjourned till April 30, for report of settlement or trial.

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