Forex trader docked for N2.4m fraud

Court gavel.

Court gavel

A 41-year-old forex trader, Babatope Adebayo, who allegedly defrauded four women to the tune of N2.4 million, was on Thursday brought before an Ejigbo Magistrates’ Court, Lagos.

The defendant was docked on a two-count charge of fraud and stealing.

The prosecutor, Insp N. A. Simon, told the court that the defendant committed the alleged offences between June 2020 and June 2021, at Idimu area of Lagos.

Simon said the defendant fraudulently obtained the sum from the complainants – Tosin Odewumi, Funmilayo Folarin, Elizabeth Bukola and Akinloja Obaloluwa – under the guise of doing forex trading with their money and returning benefits to them.

According to the prosecutor, the defendant knew that the presentation he made to the complainants was false.

“The defendant converted the money to his personal use,” the prosecutor alleged.

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He said that the offences contravened Sections 287 and 314(2) of the Criminal Law of Lagos State, 2015.

The defendant, however, pleaded not guilty to the charge.

The Magistrate, Mrs A. S. Okubule, granted him bail in the sum of N500,000 with two sureties in like sum.

She ordered that the sureties must be gainfully employed and show evidence of tax payment to Lagos State Government.

Okubule adjourned the case until Nov. 24 for mention.