Lagos – The Police on Tuesday arraigned one Adeshina Otulana,49, in an Ikeja Chief Magistratesâ€™ Court over alleged N1million fraud.
The defendant of no fixed address is standing trial on a two- count charge of obtaining under false pretence.
The prosecutor, Insp. Benson Emuerhi, told the court that the offence was committed on Jan. 13, 2011 at Shomolu area of Lagos.
Emuerhi alleged that the defendant obtained N1million from one Prince Boniface Agbodike, under the pretext of being a stock broker, and to use the money to buy 5500 units of Mobil Plc shares for him .
According to the prosecutor, Otulana converted the said money to his personal use and absconded to an unknown destination, while efforts to reach him proved abortive as his phones were switched off.
The offences contravened Sections 287 and 314 of the Criminal Law of Lagos State 2015.
The defendant, however, pleaded not guilty.
The Chief Magistrate Mrs B.O. Osunsanmi, granted Otulana bail in the sum of N200,000 with two sureties in like sum.
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