A 44-year-old businessman, Joseph Ebiloma, who allegedly defrauded two people of N2.4 million to purchase vehicles for them, on Thursday, appeared before a Tinubu Magistrates’ Court, Lagos.
The accused pleaded not guilty to the two-count charge of theft and fraud and was granted N1 million bail with two sureties in like sum.
The Magistrate, Mr Ade Adefulire, said one of the sureties should be a car owner while the other surety must have up to N500, 000 in his bank account.
According to the prosecutor, Insp. Ben Ekundayo, the accused had on June 16, 2015 at Thomas Estate, Ajah, obtained N2.4 million from two people on the pretext of helping them to purchase a Rav4 SUV and a bus.
He said Ebiloma collected N1 million from Mrs Justina Akpan and another N1.4 million from Mr Segun Akerele.
The accused failed to deliver the vehicles as promised and did not refund the money, he told the court.
The offences contravened Sections 285 and 321 (1), (a) of the Criminal Law of Lagos State, 2015 (as amended).
The prosecutor said that section 285 prescribes three years for stealing, while Section 312 stipulates 15 years imprisonment for offenders.
The case was adjourned until March 30 for hearing.