Manny Ita –
The Economic and Financial Crimes Commission on Tuesday arraigned an Abuja-based couple before a Federal High Court over an alleged ₦740 million fraud linked to purported global market investment schemes. The defendants were brought before the court on multiple counts bordering on conspiracy, obtaining money by false pretence, and money laundering.
Prosecuting counsel told the court that the couple allegedly solicited funds from unsuspecting investors under the guise of facilitating lucrative opportunities in international commodity and financial markets. According to the prosecution, the defendants promised high and guaranteed returns but instead diverted the funds for personal use. “The defendants knowingly made false representations to members of the public and collected vast sums of money without any legitimate investment activity,” the counsel stated.
Court documents indicated that the alleged scheme spanned several months, during which numerous victims reportedly transferred funds into accounts linked to companies controlled by the couple. Investigators said the operation collapsed after promised payouts failed to materialise, prompting complaints that triggered an inquiry by the anti-graft agency.
Defence counsel, however, urged the court to grant bail on liberal terms, arguing that the defendants are law-abiding citizens who would not interfere with investigations. “They are prepared to stand trial and clear their names. The allegations remain unproven,” the lawyer submitted.
The trial judge ordered that the defendants be remanded in a correctional facility pending the hearing of their bail application, which was scheduled for a later date. The court also directed the prosecution to expedite the presentation of witnesses and documentary evidence to avoid undue delay in the proceedings.
The commission reiterated in a brief statement outside the courtroom that it remains committed to prosecuting financial crimes and protecting the public from fraudulent investment schemes, warning citizens to verify the legitimacy of high-return offers before committing funds. The case was adjourned for further hearing.
