A cellphone retailer, Abubakar Muhammed was on Wednesday docked in a Chief Magistrates’ Court in Mararaba, Nasarawa State for alleged N15 million fraud.
Muhammed, who owns: ”Peejay Phones and Automobile Ltd, is charged with criminal breach of trust and obtaining by false pretense.
He however pleaded not guilty to the charge.
The Prosecution Counsel, Mr Moses Oguche, told the court that the complainant, Mr Isah Senusi, filed a Direct Criminal Complaint (DCC) against the defendant.
According to Oguche, the defendant approached the complainant in April to invest N15million in his gadgets and electronics business.
He said that both parties agreed on N500,000 monthly as interest and return on investment.
The agreement, according to the police, was duly signed by parties.
The police also said that both parties agreed that the complainant could terminate the agreement with a seven-day notice and that the invested sum would be refunded immediately upon termination.
The complainant alleged that exactly one month after the agreement, in May, he requested for the payment of the agreed interest, but the defendants started dribbling him.
The offence, the police said, contravened the provisions of sections 88,and 89, of the Penal Code Law.
Chief Magistrate Joy Faruk admitted the defendant to N500,000 bail and with one surety in like sum.
Faruk said that the surety must reside within the court’s jurisdiction and adjourned the matter until July 27 for hearing. NAN