A man, Hule Sunday, on Tuesday appeared in a Wuse Zone Six Chief Magistrates’ Court, Abuja, for allegedly defrauding his business partner of N10 million.
The defendant, who resides in Federal Housing Estate, Karu, Abuja, is charged with three counts of criminal breach of trust, misappropriation of funds and cheating.
He pleaded not guilty.
The prosecution counsel, Opeyemi Akanbi, told the court that the complainant, Iliyasu Abdu, of Suite 22.1, Apo, Abuja reported the matter to the Inspector-General of police, Force Headquarters, through a written petition on Aug 14.
He alleged that the defendant collected N10 million from the complainant as investment into a business.
The prosecutor in addition said that the defendant promised that the maturity period for returns on investment was for three months.
The prosecution said at the expiration of the three months on Dec. 16, 019, the defendant failed to return the money and instead converted it to his personal use.
The offence, the prosecution said, contravened the provisions of sections 309,312 and 322 of the Penal Code Law.
Magistrate Linda Chidama admitted the defendant to bail in the sum of N500,000 with two sureties in like sum.
She adjourned the case until Oct. 21, for hearing.