The Economic and Financial Crimes Commission, EFCC, has secured the conviction of one Balogun Olaitan and his company, Disok International Limited, before Justice M.T.M. Aliyu of the Kaduna High Court.
The
convicts were docked on a six-count charge of obtaining money under false
pretence to the tune of N12m( Twelve Million Naira), which is contrary to
section 1(1) (a) and punishable under section 1( 3)of the Advanced Fee
Fraud and Other Fraud Related Offences Act, 2006.
Until his arrest and
prosecution by the EFCC, Olaitan, who operated a ‘wonder bank’, had specialised
in collecting money from unsuspecting victims, with promises of attractive return on their
investments,
However, when he
defaulted in making the payments promised, the victims petitioned the EFCC.
Delivering judgment on
Monday, October 5, Justice Aliyu convicted the accused persons on counts 1, 2,
3, 4 and 6, but discharged them on count 5.
He sentenced the first
accused person, Olaitan, to eight years imprisonment, on each of the counts but
the sentences will run concurrently.
The second accused, Disko International Limited, was fined N50,000( Fifty
Thousand Naira) on each count.
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