An Ikeja Special Offences Court on Monday granted bail in the sum of N50 million to one Kolawole Erinle charged with $1.4 million internet fraud.

Mr Erinle is charged by the Economic and Financial Crimes Commission (EFCC ), with Justice Oluwatoyin Taiwo ordering him to produce two sureties in like sum.

One of the sureties must be a landed property owner within the court’s jurisdiction, and the other, a grade level 16 civil servant with three years’ tax evidence.

The judge added that the sureties must show evidence of gainful employment and that the defendant deposit his international passport pending conclusion of the case.

“The defendant should be remanded at the Ikoyi Correctional Centre pending  perfection of his bail conditions,” she said, adjourning the case until April 28 for commencement of trial.

The EFCC accused Mr Erinle of parading himself as one J.E. Dunn, of a local construction company in America.

The commission said that Mr Erinle had the intent to gain monetary advantage to the tune of $1.4 million, by creating a fake domain name: ‘jedunn.org.

The defendant, however, pleaded not guilty to the three-count charge of conspiracy, retention of crime proceeds and obtaining money under false pretences.

The EFCC alleged that the defendant illegally retained the money in his Access Bank account.

It alleged that the defendant and his company, Rinde-Rendex, committed the alleged offences with one Edward Dada, still at large.

According to the commission, the alleged offences took place on May 3, 2019, in Lagos state.

Defence counsel, Olayinka Farounbi, had moved a bail application for the defendant on March 15, praying the court to grant him bail on most liberal terms.

Prosecution counsel, Tope Banjo, however, opposed the application, arguing that the defendant was a flight-risk and an ex-convict in the U.S.

(NAN)