A middle-aged man, Jubril Haruna, has been arraigned before a Federal High Court, by the operatives of the Police Special Fraud Unit PSFU, Ikoyi, Lagos, over alleged N420. 900,00 million foreign exchange (Forex) fraud.
The defendant was arraigned before Justice Ibrahim Ahmad Kala’s court on a five count-charge marked FHC/Lag/ CR/715/2026, of alleged conspiracy, Obtaining by false pretence, unlawful funds conversion and N420.9 million.
The prosecutor, Mr. Momoh Yakubu Esq, while arraigning the defendant on Monday, informed the court that the defendant and others now at large committed the alleged crimes in Lagos, on July 31, 2026.
Mr. Momoh, who is a Chief Superintendent of Police (CSP) informed the court that the defendant and others said to be at large, with intent to defraud to obtained the sum of N420.9 million, from one Usman Aliu by false pretence of exchanging the money for its equivalent in United States dollars.
The defendant was also accused of converting N420 million allegedly obtained through deceit into funds connected with unlawful activity.
The prosecutor told the court that the defendant obtained the money through transferred into a designated corporate account number 1309598739, domiciled in Polaris Bank and operated in the name of SJ Mamesara Solution Limited.
The defendant was also alleged to have converted or transferred N420.9 million to his personal use and benefit, despite the funds having been deposited for the purpose of exchanging them for their United States dollar equivalent.
The defendant and co-conspirators were also alleged to have concealed, transferred or disguised the origin of N420.9 million allegedly procured through Union Bank Plc accounts and moved through the SJ Mamesara Solution Ltd account with Providus Bank and other corporate accounts.
The alleged offences according to the prosecutor are contrary to sections 8(a), 1(1)(c), and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The offences also contravened section 18 (2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022. And Section 383(2)(a) of the Criminal Code Act, punishable under Section 390(9).
Meanwhile, the defendant had pleaded not guilty to the charges.
Based on his not guilty plea, his lawyer moved his bail application which was vehemently opposed by the prosecutor.
However, ruling on the submissions made in the bail application, Justice Kala admitted the defendabt to bail in the sum of N100 million with two sureties in like sum, and several other conditions.
The judge, while adjourning the matter to October 28, for trial, ordered that the defendant be remanded at the facility of the Nigerian Correctional Services NCoS pending the perfection of the bail term.