The police command in Lagos has nabbed and arraigned a 22-year-old student, David Ayodeji, over N4.7 million Bitcoin fraud.

On Thursday, he was arraigned at the Yaba Chief Magistrates’ court.

The defendant, a student of Ekiti State University, is facing a three-count charge of conspiracy, obtaining by false pretence and stealing.

He pleaded not guilty to the charge.

Police prosecutor Modupe Olaluwoye told the court that the defendant committed the crime sometime in August 2021, at No. 10 Adeyinka Okunade Street in the Festac area of Lagos.

She added that the defendant collected N4.7 million from the complainant, Newton Okolo, by telling him that he had Bitcoin for sale.

The police noted that when the complainant gave the defendant N4.7 million, he converted it to personal use.

Chief Magistrate Linda Balogun admitted the defendant to bail in N2 million with two responsible sureties in like sum. She directed that both sureties must reside within the court’s jurisdiction and be gainfully employed with evidence of three years’ tax payment to the Lagos government.

She further held that the sureties must also show proof of employment, proof of their sources of income and must have their addresses and offices verified by the court.

Ms Balogun adjourned the case until April 4 for mention. 

(NAN)