Gideon Olanrewaju, a 44-year old bitcoin trader was on Friday arraigned in a  Magistrates’ Court,  Ogudu, Lagos State for alleged N540,000 fraud.

The police charged Mr. Olanrewaju, who resides in Obadore area of Lagos with three counts of  conspiracy, stealing and obtaining money under false pretenses.

He pleaded not guilty.

The Prosecution Counsel, Donjour Perezi, told the court that the defendant committed the offence on November 17, 2019 at Olaniyi Goodluck Street, Ogudu, Lagos.

Mr. Perezi said that the defendant and another collaborator, Glorious Emmanuel, convinced the complainant, Deborah Wariboko to invest N540,000 in a bitcoin business.

Mr. Perezi alleged that after collecting the money, the defendant disappeared and stopped taking the complainant’s calls.

He alleged that the defendant threatened the complainant’s life.

The offence, he said, contravened the provisions of sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.

Magistrate A.O. Daodu admitted the defendant to bail in the sum of N100,000 with two sureties in like sum with verified addresses.

The magistrate then adjourned the case until November 23 for mention.

(NAN)