A cellphone dealer, Abubakar Muhammed, has been arraigned before a Chief Magistrates’ Court in Mararaba, Nasarawa State, over an alleged N15 million investment fraud.
Muhammed, the owner of Peejay Phones and Automobile Ltd, is facing charges of criminal breach of trust and obtaining money by false pretense.
He, however, pleaded not guilty to the charges.
Prosecuting counsel, Moses Oguche, told the court that the complainant, Isah Senusi, filed a Direct Criminal Complaint (DCC) accusing the defendant of fraud.
According to the prosecution, Muhammed approached Senusi in April and persuaded him to invest N15 million in his gadgets and electronics business.
The parties allegedly agreed that the complainant would receive N500,000 monthly as interest on the investment, with the terms documented in a signed agreement.
The prosecution further stated that both parties agreed the complainant could terminate the investment with a seven-day notice, after which the N15 million capital would be refunded immediately.
However, the complainant alleged that when he demanded payment of the agreed monthly return in May, barely one month after the investment, the defendant allegedly began avoiding and delaying payment.
The prosecution said the alleged offenses contravene Sections 88 and 89 of the Penal Code.
Chief Magistrate Joy Faruk granted the defendant bail in the sum of N500,000 with one surety in like amount.
The court ordered that the surety must be a resident within its jurisdiction and adjourned the case until July 27 for hearing.
