A 51-year-old man, Daniel Ogbonna, was on Wednesday brought before a Lagos Magistrates’ Court over alleged N1. 4 million ponzi fraud.
Ogbonna was charged by the police with obtaining by false pretences, conspiracy, theft and breach of public peace.
When the matter was read to the defendant, he pleaded not guilty to the charge levelled against him.
Insp Magaji Haruna, who’s the Prosecution Counsel, informed the court that Ogbonna and some other persons carried out the offence on August 19, 2021 at the Saint Dominic Catholic, Sabo Yaba, Lagos.
Haruna made an allegation that Ogbonna begged the complainant, Mr Paul Ogwuche to make an investment of N1.4 million in a ponzi scheme otherwise called ”Grace Families and Friends (GFF)”.
He also said Ogbonna had told to the complainant that the purported scheme would fetch him N5 million in six weeks.
He said that Ogbonna also portrayed himself in a way that could cause a breach of public peace.
Haruna noted that the offence, was a violation of the provisions of sections 168 (d), 287, 314 and 411 of the Criminal Law of Lagos State, 2015 (revised)
The Chief Magistrate, Mrs O.Y. Adefope, who presided over the matter admitted Ogbonna to N300,000 plus two reliable sureties in like sum.
She also said that the sureties must have reliable source of income and present six months bank statements.
Adefope has adjourned the matter until December 16, for mention.