A 45-year-old businessman, Meltus Iroanya, on Thursday appeared before an Ogudu Magistrates’ Court in Lagos for allegedly defrauding a microfinance bank of N1.5 million.

Iroanya, who resides at Mile 12 area of Lagos State, is standing trial on a three-count of obtaining money under false pretences, stealing and issuance of dud cheque.

The defendant, however, pleaded not guilty.

The prosecutor, Insp Donjoure Prezi, had told the court that the defendant committed the offences on October 9, 2019, at the Infinity Microfinance Bank, located at No. 580, Ikorodu Road, Lagos.

Perezi alleged that the defendant fraudulently obtained N1.5 million from the bank for a business, which status had yet to be known.

“He later issued a cheque of N479, 352 to a new generation bank, which was returned due to insufficient funds,” he said.

The prosecutor said that the offences contravened Sections 287, 314 and 321 of the Criminal Law of Lagos State, 2015.

Section 287 stipulates three years’ imprisonment for stealing, while Section 314 attracts 15 years’ jail term for obtaining money under false pretence.

The Magistrate, Mrs O. M. Ajayi, granted the defendant bail in the sum of N200,000 with two sureties in like sum.

Ajayi ordered that one of the sureties must be related to the defendant, adding that both sureties must be gainfully employed.

The magistrate adjourned the case until Dec. 3 for mention.

-NAN