Man gets N2bn bail in Ponzi scheme case | Dailytrust

Man gets N2bn bail in Ponzi scheme case

Justice Nicholas Oweibo of the Federal High Court, Lagos, Wednesday granted N2 billion to Joshua Adeyinka Kayode, a 22-year-old man who is standing trial for allegedly defrauding 170 people to the tune of N10.7 billion under fake investment.

The case was adjourned till November 10, after the defence lawyer, Emeka Okpoko (SAN) applied for the bail of the accused.

The defendant, alongside his company, Quintessential Investment Company Limited, were arraigned before the court on August 5, by the men of Force Criminal Investigation Department (ForceCID) Annex, Alagbon-Ikoyi, Lagos, on 170 count charges bordering on conspiracy and obtaining by false pretence.

But the defendant pleaded not guilty to all the charges.

The prosecutor, Barrister Tijjani Williams, while arraigning the defendant, told the court presided by Justice Tijjani Ringim that the defendant and others now at large, committed the offences between July 2020 and March 2021.

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

He told the court that the offences committed by the defendant are punishable under sections 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

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