The defendants are, Babatunde Rufus Lariba,52, Folakemi,49 and Ademola Agboola, 46. They were remanded in custody. Police alleged that the defendants with others now at large reportedly operated a registered financial institution known as Crown Rise and Investment PLC, through which they allegedly perpetrated the crime.
We learnt they used the bank to defraud hundreds of depositors of money running into millions of naira on the false pretence of giving them mouthwatering interest on their savings.
Rather than keep to their promise, they escaped with their money, shut their office located at 208, Ikorodu Road, Palmgrove, Lagos and went into hiding.
They are now facing charge of obtaining and stealing before the court presided over by Magistrate, Mrs. M. O. Taniwola.
Some of the customers they allegedly defrauded include, Mrs. Felicia Osunlana-N5.6 million, John Oyeyanju-N1.6 million, Ayodele Olusola-N500, 000 and others.
The trio and others now at large opened and operated the bank in 2007 at 208 Ikorodu Road, Palmgrove Lagos which they used to defraud hundreds of depositors.
After the depositors paid their money into the bank, the management shut the place without paying depositors their money and the customers could not withdraw their money, while the suspects went underground.
Detectives from the State Criminal Investigation Department, SCID, Panti, Yaba, Lagos trailed the defendants and arrested three of them.
They were charged to court with obtaining money under false pretence and stealing contrary to sections 419 and 390 of the Criminal Code Laws of Lagos State of Nigeria 2003.
They pleaded not guilty.
The court granted them bail in the sum of N1 million with two sureties in like sum who must be employees of reputable organizations. The matter was adjourned till 17 July, 2012, while they were remanded in prison custody at Kirikiri pending when they will meet their bail conditions.
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