Police Arraign Ponzi Scheme Operator For Defrauding 170 People of N10.8bn
Men of Force Criminal Investigation Department (FCID) Annex, Alagbon-Ikoyi, Lagos, yesterday arraigned a 22-year-old Joshua Adeyinka Kayode for allegedly defrauding 170 unsuspecting investors to the tune of N10.8 billion under a fraudulent investment.
He was arraigned alongside his company, Quintessential Investment Company Limited before Justice Tijjani Ringim on a 170-count charge of conspiracy and obtaining money by false pretence.
The Prosecutor, Mr. Williams Tijjani, informed the court that the defendant and others now at large committed the offences between July 2020 and March 2021.
Tijani told the court that the defendant defrauded his victims under the pretence of false multiple returns on investment.
He told the court that the offences are contrary to and punishable under section 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.
But the defendant denied the allegations and pleaded not guilty to all the counts charge.
Following his not guilty plea, the prosecutor, Tijjani, urged the court to remand him in the custody of Nigerian Correctional Services (NCoS), pending when his bail application would be heard and determined.
Counsel to the defendant, Mr. Emeka Okpoku (SAN) did not oppose the prosecutor’s remand application but asked the court for a short date to enable him file the bail application.
After listening to the submissions of the parties, Justice Ringim, adjourned the matter to August 11 for hearing of the defendant’s bail application. He also ordered that the defendant be remanded in the custody of the Nigerian Correctional Services pending the hearing and determination of his bail application.
