The Police Special Fraud Unit on Friday dragged a businessman before a Federal High Court Lagos for alleged N14.7 million fraud.

The defendant, Abdullahi Mohammed, was arraigned before Justice Lewis Allagoa, on a three-count charge bordering on conspiracy and cybercrime to the tune of N14.7 million.

He, however, pleaded not guilty to the charge.

The prosecutor, Justine Enang, told the court that the defendant committed the offence in June, within the Lagos division.

Mr Enang alleged that the defendant conspired with others now at large, with intent to defraud, to obtain the sum of N14.7 million.

The defendant was alleged to have knowingly caused financial loss to Parallex Bank Ltd., by suppressing credit enters and other data held in a Point of Sale machine.

He was alleged to have done so in his capacity as an agent of the bank and directly or indirectly taken possession of funds belonging to the bank.

The prosecutor said that he ought to have known that the funds formed part of the proceeds of the illicit act.

The offence contravenes the provisions of section 14(1) and 18(3) of the Cybercrime Act 2015 as amended in 2024.

The court, however, adjourned the case until November 19, for hearing of the bail application.

(NAN)