Manager remanded for alleged fraud, issuance of dud cheques

A Federal High Court in Lagos has ordered the General Manager of Cash Craft and Asset Management Limited, Mr Ayo Balogun, to be remanded in prison custody. The order for Balogun’s remand was sequel to his arraignment before Justice Oluremi Oguntoyinbo on charges bordering on alleged fraud and issuance of dud cheques that the police […]

A Federal High Court in Lagos has ordered the General Manager of Cash

Craft and Asset Management Limited, Mr Ayo Balogun, to be remanded in prison custody.

The order for Balogun’s remand was sequel to his arraignment before

Justice Oluremi Oguntoyinbo on charges bordering on alleged fraud and issuance of dud cheques that the police Special Fraud Unit preferred against him.

Balogun’s arraignment before the court yesterday was due to a bench warrant issued by the SFU and granted by the court following his failure to appear before it to answer the criminal charge filed against his company, Cash Craft and Asset Management Company Limited, alongside the company’s Deputy General Manager, Mr Sunday Alemede Olorunjuwon.

The prosecutor, Mr Sylvester Azuibuike,  alleged that Olorunjuwon, Cash Craft Asset Management Limited and others now at large sometime in January 2017, at their office located at the Dolphin Estate, Ikoyi, Lagos, fraudulently obtained the sum of N100 million from one Nnaemeka Chukwuma by pretending to be investing the said sum into the company and earning profits for Chukwuma.

Olorunjuwon was also alleged to have issued four Guaranty Trust Bank

(GTB) cheques numbered  56578731, 56578732, 56578733 and 56578734 to the said victim of the alleged fraud.

But the cheques were said to have been returned when presented at the bank due to insufficient funds in the account.

Olorunjuwon pleaded not guilty to the charges against him.

Following his not-guilty plea, the court admitted him to bail in the sum of N5 million, with two sureties in like sum.

Justice Oguntoyinbo ordered Balogun to be remanded in prison custody pending the fulfilment of his bail conditions, while permiting the first defendant, Olorunjuwon, to continue with the earlier bail granted him The matter has been adjourned till February 6, 2019, for commencement of trial.