Police prosecuted a forex trader, Temitope Badmus, for allegedly stealing N221.6m from six investors.

Our correspondent deduced that the 36-year-old man allegedly collected the money from the whistleblowers under the pretense of trading with him on the Forex Online trading platform.

Badmus was arraigned before Magistrate AO Salawu on six counts of theft.

The prosecutor, Godwin Oriabure, who informed the prosecution’s lawyer, J. Ebosereme, said the offenses contravened Section 280 and were punishable under Section 287(9) of the Lagos State Criminal Act, 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, received and stole by fraudulent conversion for your use the sum of 93,300,000 that was intended for you to trade on the Forex Online trading platform, owned by a certain Oladimeji Akolade, for which you committed a crime.”

The defendant pleaded not guilty to the charges.

Salawu Magistrate admitted that the defendant posted a bond in the amount of N3m with two bonds liable for the same amount, who must have acquired property in Lagos State.

The case was adjourned until February 23, 2023, by mention.

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