Justice Ibrahim Buba of the Federal High Court Lagos was told by prosecution witness, Matthew Chukwu, how an alleged, “Wonder Bank” Operator, Fortune Etaba, defrauded his victims of N9.8 billion.
Fortune is accused by the police to have fraudulently obtained the sums from several individuals, particularly businessmen at the Alaba International Market, Ojo, Lagos.
The accused person was to said to have told the businessmen that they will get back their deposits after 21 days in addition to 50 per cent profit.
At the resumed hearing of the matter yesterday, Chukwu, who is also a complainant, told the court that one Amos had approached him in his place of business at the Alaba International Market, on Nov. 28, 2009, with an offer of business promotion.
The witness, who was being led in evidence by the police prosecutor, Effiong Auquo, also said that the agent had told him that he was from a bank, Establishment House Ltd, adding that they were out to help facilitate the growth of businesses in Nigeria.
Chukwu further information the court that the agent informed him that the company had branches in Denmark, Germany, Japan and Qatar, and that they had come to better the lives of businessmen in Nigeria.
He said, “The agent, told me that I will get back an additional 50 percent of any deposit I made with the bank, within 21 days.
“On Nov. 30 2009, I followed him to his office for confirmation, and I met the accused, Etaba, who confirmed to me that the offer was real.
“Immediately I went back and got the sum of N1.5 million which I paid into the bank, and subsequently, brought an additional N828,000.
“I even invited my friends to come and enjoy the offer with me”
The witness also told the court that several businessmen also invested their monies in the deal, with the hope of getting a double payment within 21 days.
Chukwu further stated that on Dec. 12, 2009, the accused hosted an end-of-year party for their clients, in which he reiterated the benefits of the offer, and assured them that they would get back their rewards.
According to the witness, “That was the last they heard from the accused and his bank”
He said that upon maturation of his deposit, he went back to the bank, but was told that due to the ongoing bank audit at that time, they were unable to pay customers.
The witness also testified that the court that he made repeated visits to the bank alongside other complainants, but they were never paid their entitlements up till date.
He said a complaint was then lodged at the Ajangbadi Police Station, who eventually transferred the case to the State C.I.D Panti.
Justice Buba adjourned the case till May 22 for continuation of trial.
The accused was re-arraigned on January 21 on the amended charge, and had pleaded not guilty.
According to the police the offence contravened the provisions of sections 1 (1) (a), 8, and 2 of the Advanced Fee Fraud and other Fraud Related Offences Act, 2004.
How ‘Wonder Bank’ Operator Defrauded Victims Of N9.8bn – Witness
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