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Court Remands Ponzi Scheme Operator Over N571.6m Fraud

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A Lagos Federal High Court, Friday, ordered the remand of a Ponzi scheme operator, Osita David Ikpah, a.k.a King David, who was arraigned before the court, over alleged N571, 692,640 million fraud, in custody of Nigerian Correctional Services (NCoS) till November 25, to rule on his bail application.

Justice Abimbola Awogboro, made the remand order, after taken arguments on his bail application.

The defendant, Osita and his company, KD Likeminds Stakeholders Limited, were brought before the court in a charge marked FHC/L/234c/2021,by the men of Police Special Fraud Unit (PSFU) Ikoyi-Lagos, on 26 counts charge of Conspiracy and obtaining by false pretence and fraud.

The prosecutor, Mr. Henry Obiaze, told the court that the defendant, his company and others now at large, committed the offences between February and March, 2021, at 4, Dikem Farm Close, ishashi Road, Ojo Lagos.

They were also alleged to have between January till June, 2021, operated as an unlicensed insurance or stockbroking company and without a valid license from Central Bank of Nigeria.

The prosecutor told the court that the offences committed by the defendant are contrary to and punishable under Section 8(a) and 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006. And Sectio 58 (i) and punishable under Section 59 (6)(b) of the Bank and other Financial Institution Act, Cap B3 LFN, 2004.

The defendant pleaded not guilty to the the charges.

In arguing the defendant’s bail application Friday, his lawyer, S. C. Ukairo, pleaded with the court to admit bail to his client in the most liberal terms. Adding that his client has credible sureties and that he will ensure that he attend court regularly.

In opposing the bail application, the prosecutor, Mr. Obiaze, told the court that there is likelihood of the defendant jumping bail if granted. And that he will continue defrauding innocent citizens.

He also told the court that in refusing the bail application, is for the defendant’s protection, the court will be doing a great favour to the defendant, as most of the fraud victims are determined to lynch him if they set their eyes on him.

Upon the submissions of parties, Justice Awogboro ordered that the defendant be remanded in NCoS’ custody, while adjourned till October 29, for the ruling on the bail application and commencement of trial.

“That you Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd and others still at large sometimes between the months of February to March, 2021 at No 4, Dikem Farm Close, Ishashi Road, Lagos within the jurisdiction of this Hon. Court did conspire to commit felony to with: Obtaining Money by False Pretence and thereby committed an offence punishable under Section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.

“That you Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd, and others still at large sometimes in February, 2021 at Ishashy Ojo, within the jurisdiction of this Hon. Court did by False Pretence and with intent ta defraud obtain the sum of One Hundred and Twenty One Million, Six Hundred and Seventy-Three Thousand Naira (N121, 673, 000 00) from Elem favour Onyinyechi ‘f under the pretence of investing the money on her behalf and thereby committed an offence punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Acts, 2006,

“That you Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd and others still at large sometimes February, 2021 at Ishashi Oyo, within the Jurisdiction of this Hon. Court did by False Pretence and with intent to defraud obtain the sum of Two Hundred Million Naira (N200,000,000 00) from one Mr. Ibeneme Moor Nnayelugo under the pretence of investing the money on his behalf and thereby committed an offence punishable under Section t (3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.

“That you Osita David Ikpah ‘m’ ang KD Likeminds Stakeholders Ltd and others stl at large sometimes February 2021 at Ishashi Ojo, within the jurisdiction of this Honourable Court and by False Pretence and with an intent to defraud obtain the sum of Twenty Six million, Four Hundred and Sixty Nine Thousand Two Hundred and Twenty Five Naira (N26,469.225 00) from one Mrs. Julliet Onaiwo under the pretence of investing the money on her behalf and thereby Committed an offence punishable under Section 3 (3) of the Advance Fee Fraud and other Fraud Related Otfences Act, 2006”.

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