Man, 40, Docked Over N50m Bank Loan Using Another Man’s Mercedes Benz

P.M.EXPRESS reports that the incident happened on 27th January, 2025, at Uzoamaka Chima Street, Badagry Road.

According to the Police, after the suspect changed the owner’s name on the documents to his own name, he successfully used it to access the loan and then changed the documents again to the owner’s name.

However, trouble started when the suspect wanted to refund the money to the bank. He issued a bank cheque value of N34m, which was rejected by the receiving bank due to insufficient funds in the account.

The matter was reported to the Police at SCID, Yaba, for investigation. The Police moved into action, arrested the suspect and detained him for interrogation over his alleged conduct.

During the investigation, the Police discovered that the Mercedes Benz SUV  bearing his name in the documents which he used as collateral to borrow the money was bearing another man’s name.

The Police also discovered the alleged fraud because after borrowing the money, he changed the documents and returned the Mercedes Benz to the owner.

The Police found him culpable and charged him before the Ebute Metta Magistrate Court for issuing dud cheque and fraud.

The prosecutor,  Supol A.O. Nwabuizi ESQ, then asked the Court to give a date for hearing since he pleaded not guilty to enable the Police to prove that he actually committed the alleged offence.

The Presiding Magistrate, Mrs. F.M. Kayode-Alamu, granted him bail with two sureties, who must show evidence of means of livelihood and tax payment while addresses will be verified by the Court.

The matter was adjourned for mention while the defendant was remanded in custody at the correctional center pending when he will perfect his bail conditions.