The Police Special Fraud Unit (PSFU), on Tuesday, arraigned First City Monument Bank (FCMB) and three other defendants over allegations of forgery and mortgage fraud.
They were arraigned before the Lagos State Special Offences Court, Ikeja, presided over by Justice Ismail Ijelu
The case, as brought by the PSFU, involves multiple charges, including conspiracy, forgery, fraudulent conversion, and theft.
Apart from FCMB, other defendants in the charge are Okogun Polycarp, Batik Line International Limited, and Bolaji Adebajo, who is said to be at large.
During the commencement of proceedings, the charges were read to the defendants, and they pleaded not guilty to the four-count charge.
In addressing the judge, counsel for the prosecution, M. Daniel Apochi, urged the court to remand the defendants in custody.
But in his response, the defence counsel, M.O. Abdul, notified the judge that a bail application had been filed on behalf of the defendants.
The bail application, dated March 10, had also been served on the prosecution.
Based on the arguments from both sides, Justice Ijelu ordered the remand of the first defendant, Okogun Polycarp, at a correctional facility pending the hearing of his bail application.
Justice ijelu adjourned until March 24, when the bail application will be heard, and the trial is expected to commence.
According to the prosecution, the case hinges on a scheme allegedly carried out between 2008 and 2009.
Specifically, the defendants are accused of conspiring to forge the signature of Mrs Grace Adenike Akinwusi on critical legal documents, including An authority to create a legal mortgage, a deed of assignment, an irrevocable power of attorney, and a memorandum of understanding.
The prosecution insisted that the allegedly forged documents were used to fraudulently convert Akinwusi’s property, located at No. 5B, Sasegbon Street, GRA, Ikeja, Lagos, for personal use.
The prosecution further stated that the second count of the charge pertains to forgery, as defined under Sections 363(1)(a), (b), and 368(3)(d) of the Lagos State Criminal Law, 2015.
The third count accuses the defendants of fraudulent use of false documents under Section 366(1). The fourth count charges FCMB and the other defendants with theft, citing Sections 280(1)(6), 280(1)(2), and 287 of the same law.
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