Company’s manager remanded over alleged fraud, issuance of dud cheque

The general manager of Cash Craft and Asset Management Limited, Mr. Ayo Balogun, has been remanded in prison custody at the order of a Federal High Court, Lagos.

The order for his remand was sequel to his arraignment before Justice Oluremi Oguntoyinbo led-court on charges bordering on alleged fraud and issuance of dud cheques, by the Special Fraud Unit (SFU) of Nigeria Police Force (NPF).

Balogun’s arraignment before the court on Friday, was due to a bench warrant issued by SFU and granted by the court, following his failure to appear before the court to answer the criminal charge filed against his company, Cash Craft and Asset Management Company Limited, alongside the company’s Deputy General Manager, Mr. Sunday Alemede Olorunjuwon.

SFU in a charge marked FHC/L/47c/18, alleged that Sunday Alemede, Cash Craft Asset Management Limited and others now at large, sometimes in January 2017, at their office locates at Dolphin Estate, Ikoyi, Lagos, fraudulently obtained the sum of N100 million, from one Nnaemeka Chukwuma, by false pretence of investing the said sum into the company and make him profits.

The second defendant, Olorunjuwon, was also alleged to have issued four Guaranty Trust Bank (GTB) cheques numbered  56578731; 56578732; 56578733 and 56578734, to the said victim of the alleged fraud, which were returned when presented for withdraw, due to insufficient of funds in the account.

The offences according to the prosecutor, Mr. Sylvester Azubike, are contrary to 
Section 8(a) of Advanced Fee Fraud and other Fraud Related Offences Act, No. 14 of 2006 and Punishable under Section 1(3) of the same Act. And Section 1(a)(1) of the dishonoured Cheques (Offences) Act, 2004. 

However, following Balogun’s failure to appear in court to take the plea on behalf of his company, when his deputy and the company were arraigned, the prosecutor applied to court for a bench warrant against him.

Upon appearing in court on Friday, he pleaded not guilty to the charges against his company.

However, following his not guilty plea, the court admitted him to bail in the sum of N5 million with two sureties in like sum.

The sureties according to the Judge must be landed property owner with the court’s jurisdiction, with three years tax. The court also added that as part of the conditions, the statement of company’s account must be filed before the court.

Justice Oguntoyinbo however ordered Balogun to be remanded in prison custody pending the fulfilment  of the bail conditions. While permit the first defendant, Olorunjuwon, to continue with the earlier bail granted him

The matter has been adjourned till February 6, 2019, for commencement of trial.

Count one of the charge reads: “That you Sunday Alemede   Olorunjuwon, Cash Craft and Asset Management Limited, sometimes in‘ January 2017, in Ikoyi, Lagos within the Jurisdiction of this Honourable Court, Conspired with other persons now at large, to commit a felony to wit: Obtaining the sum of N100,000,000.00 (One Hundred Million Naira only) from one Nnaemeka Chukwuma by False Pretence and thereby committed an offence Contrary to and Punishable Under Section 8(a) of Advanced Fee Fraud and other Fraud Related Offences Act, No. 14 of 2006 and Punishable under Section 1(3) of the same Act.

And count six reads: ” that you Sunday Alemede  Olorunjuwon  sometimes in January 2017, in Ikoyi, Lagos within the Jurisdiction of this Honourable Court, being the Deputy Manager of Cash Craft and Asset Management Limited, Dolphin Estate, Ikoyi, Lagos, issued Guaranteed Trust Bank Cheque number 56578734 with Account Name: Alemede Sunday O. & Omotayi 0., dated 31st March, 2018 in the sum of N10,000,000.00 (Ten Million Naira only) drawn in favour of Nnaemeka  Chukwuma, as part of the debt of N25,000,000.00 (Twenty Five Million Naira only) owed him by you and your company, however, upon presentation of the cheque on the due date for payment, it was dishonoured for lack of sufficient funds or insufficient funds in the account against which the cheque was issued, to meet the value of the said cheque and by this conduct, you thereby committed an offence contrary to and Punishable Under Section 1(a)(1) of the dishonoured Cheques (Offences) Act, 2004″. 

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