A 37-year-old businesswoman, Eloho Oyinvbi, on Tuesday appeared in an Ikeja Magistrates’ Court for allegedly defrauding her business partner of N1.9 million in a phoney cryptocurrency deal.

The police charged Oyinvbi, who resides in Festac, Lagos, with two counts of obtaining money under false pretences and theft.

The prosecution counsel, Inspector Emmanuel Ajayi, told the court that the defendant committed the offence in May 2020 at Olusosun in Ojota, Lagos.

He alleged that the defendant fraudulently obtained N1.9 million from Michael Okome, to invest in Cryptocurrency, a representation she knew to be false.

“After seven months, the complainant did not get his capital nor the interest and all efforts made by the complainant to get his capital back failed,” he said.

The offence, the prosecutor said, contravened the provisions of sections 287 and 314 of the Criminal Law of Lagos State, 2015.

The defendant pleaded not guilty to the offence.

Section 287 prescribes three years’ jail term for stealing while section 314 attracts 15 years for obtaining money under false pretences.

Magistrate O. S. Odusanya admitted the defendant to bail in the sum of N500,000 with two sureties in like sum.

The matter was adjourned until January 11 for mention.