Bizman in trouble over alleged N21m fraud

A 36-year-old businessman, Mr Adeoye Olateju, who was alleged to have fraudulently lodged N21 million in his company’s account, was yesterday charged before an Igbosere chief magistrate court in Lagos.

Olateju, according to the prosecutor, Mr Shinaolu Adeoye, a Superintendent of Police, allegedly received the said sum between 2018 and May 12, 2020 through his company’s account with the Stanbic IBTC bank.

His company, Racutej Investment International, was said to be operating an account number ODA-0027832686 with Stanbic-IBTC Bank.

The defendant was arraigned on a three-count criminal charge of money laundering, fraudulent receipts, conversion and being in possession of stolen funds.


Dear valued readers, subscribe to the Daily Trust e-paper to continue enjoying our diet of authoritative news. Kindly subscribe here

The prosecutor informed Chief Magistrate Olufolake Oshin that the defendant and some other persons still at large used the bank to fraudulently receive monies from 2018 till May 12, 2020, when he was arrested.

Adeoye also told the court that the defendant was unable to disclose the source and origin of the money.

Olateju pleaded not guilty to the three-count charge levelled against him.

His lawyer, Johnson Ajibola, pleaded with the court to grant his client bail in the most liberal terms, arguing that all the allegations against him were bailable ones.

Chief Magistrate, Oshin granted the defendant bail in the sum of N500,000, with two sureties.

The matter has been adjourned till June 23, 2020 for mention.


Download Daily Trust News App

Get it on Google Play
Share this article

Join us on

Join our whatsapp group here for Breaking News, Exclusives , others

Complain about a story or Report an error and/or correction: +2348189301900 (Whatsapp and SMS only) Email:

DISCLAIMER: Comments on this thread are that of the maker and they do not necessarily reflect the organizations stand or views on issues.