Forex trader in court over N221m theft

The police have arraigned a forex trader, Temitope Badmus, for allegedly stealing N221.6m from six investors.

Our correspondent gathered that the 36-year-old allegedly collected the money from the complainants on the pretext of trading with it on Forex Online trading platform.

Badmus was arraigned before Magistrate A.O. Salawu on six counts of stealing.

The prosecutor, Godwin Oriabure, who held brief for the prosecution counsel, J. Ebosereme, said the offences contravened Section 280 and were punishable under Section 287 (9) of the Criminal Law of Lagos State, Nigeria, 2015.

The charges read in part, “That you, Temitope Badmus, from February 2022 to September 2022 at No 2, Taiwo Close, Surulere, Lagos, in the Lagos Magisterial District, did receive and stole by fraudulent conversion to your use the sum of 93,300,000 that was meant for you to trade with on Forex Online trading platform, property of one Oladimeji Akolade, thereby committing an offence.”

The defendant pleaded not guilty to the charges.

Magistrate Salawu admitted the defendant to bail in the sum of N3m with two responsible sureties in like sum, who must have landed property in Lagos State.

The case was adjourned till February 23, 2023, for mention.

(Punch)