A 38-year-old trader, Cephas Peter, was, on Tuesday, remanded in police custody over allegation that he swindled a financial company in Ilorin of N46.7m.
The prosecutor, Insp. Nasiru Yusuf told the court that the accused fraudulently approached the SEAP organisation, claiming that his office at No. 3/4, Suit Princess Luxury Hotel, Pipeline Road, Ilorin was in currency exchange business.
According to the prosecutor, the company issued the accused with N46, 720,000 to convert into U.S dollar and pay into their customer account in China, which he failed to do.
Yusuf said the action of the accused was contrary to Section 1a, b (3) of Advance Fee Fraud and Other Related Offences Act, 2006.
Prior to the arrest of the accused, one Aluko Olusola of SEAP organization, Geri-Alimi Area, Ilorin had on September 7, 2017 reported at ‘A’ Division Police Station, Ilorin that the accused had defrauded his company.
The complainant said that on July 18, 2017 he transferred the said money to the UBA account number 1020208120 belonging to the accused.
He said the accused promised that he would use his company’s bank account to change the money into dollars, but converted the money to his own use.
The prosecutor added that all efforts to recover the said amount from the accused proved abortive and urged the court to remand the accused in police custody to enable the prosecution carryout detailed investigation.
Chief Magistrate Mohammed Ibrahim did not take the plea of the accused, but ordered that he be remanded at the police CID, Ilorin, pending conclusion of investigation.
The court adjourned the case till June 25, for further mention.