Three men identified as Hycent Dogwu, 48, Victor Onyeka, 32 and Henry Ezimakor, 32, on Thursday appeared before an Ogudu Magistrate’s Court for alleged N8.94 million fraud.
The report revealed that the defendants, whose addresses were not provided are facing a two-count charge of breach of peace and stealing.
The prosecutor, Insp. Sunday Bassey, told the court that the defendants committed the offence between October and November at Ojota, Lagos.
Bassey said the defendants collected N8.94 million from the complainant, Mr Imo Kelechi and six others under the pretence of remitting 40 per cent of the said amount as the interest of their investments into their accounts.
He said the defendants paraded themselves as a registered financial institution to Mr Imo Kelechi and some others which was a presentation they knew was false.
The prosecutor said all efforts made by the complainant to get the money back proved abortive.
Bassey said the offence contravened Sections 168(d), 314 and 287 of the Criminal Law of Lagos State, 2015.
They, however, pleaded not guilty to the charge.
The News Agency of Nigeria (NAN) reports that Section 287 stipulates three years jail term for stealing.
The Magistrate, Mrs A.O Daodu, granted the defendant bail in the sum of N500,000 with two sureties each in like sum.
Daodu adjourned the case until Jan. 10 for mention.