A 21-year-old trader, Chukwuebuka Ezengwu, was arraigned before a Tinubu Magistrates’ Court on Thursday in Lagos, for allegedly diverting N286,600 sent to him by customers into the Mavrodi Mondial Movement (MMM) scheme.
Ezengwu, who is facing a two-count charge of fraud and theft, however, denied the charges.
Read also: 3m people lost about N18b to MMM – NDIC
According to the Prosecutor, Insp. Philip Osijiale, the accused(file image) committed the offences on March 1 at about 12:00 p.m. at Obun-Eko on Lagos Island.
Osijiale told the court that the accused put a total of N286, 600 sent by two of his customers, Chukwumeka Okafor and Paul Ekene to help them buy goods into the Ponzi scheme, adding that he failed to buy the goods nor refund their money when asked.
He said the offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015.
The Magistrate, Mr Kazeem Omolaja, granted Ezengwu bail in the sum of 250,000 with two sureties in like sum, and adjourned the case until May 30 for mention.