The Police Special Fraud Unit (PSFU) Ikoyi, Lagos, on Tuesday, arraigned the Group Managing Director (GMD) of J3 Holdings, Ibukun Gbadamosi, over his alleged involvement in fraud to the tune of N45.5 million.
Gbadamosi was arraigned before a Federal High Court sitting in Ikoyi, presided over by Justice Tijjani Garuba Ringim on a three-count charge of conspiracy, obtaining by false pretence, and fraud to the tune of N45,500, 000.00 million.
In addressing the court, the police through its counsel, Justine Enang, told the court that the defendant alongside others now at large, allegedly committed the offence in Lagos, sometime in 2019, while working as a staff of Crovation Limited.
The PSFU’s lawyer particularly notified Justice Ringim that the defendant fraudulently obtained the sum from one Dr Fabian Agbonzia, under the false pretence that he had a property.
Enang specifically hinted to the judge that as soon as the sum of N45.5 million was paid into Gbadamosi’s nominated accounts, he diverted the money for his personal use and refused to give up the property.
According to the prosecutor, the alleged offences contravene Section 8(a) and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.
Enang further insisted that the action offends Section 15(2) (b) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012.
However, Gbadamosi pleaded not guilty to the allegations, leading his counsel, Gbade Olajide, to urge the court to grant him bail in the most liberal terms and conditions.
Responding, the prosecutor asked the judge to grant the defendant bail in terms that will ensure his attendance until the determination of the charge.
In his ruling, Justice Ringim admitted bail to the defendant in the sum of N50m, with two sureties in like sum.
The lawyer also ordered that one of the sureties must be a Civil Servant on Grade Level 15 and above, or a director of a registered company, while the other surety must be a landed property owner with a Certificate of Occupancy (CofO).
Justice Ringim further directed that both sureties must provide evidence of three months’ payment of utility bills and means of identification.
In adjourning the matter until February 25, 2023, for trial, Justice Ringim declared that the defendant is remanded in the custody of the Nigerian Correctional Services (NCoS) until the perfection of the bail terms.
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