Man, 26, Arrested For Swindling Bank Of N10m With Fake Business Loan

KINGSLEY EBERE 

A 26-year-old man, Okonkwo Chinonso, has been arrested and charged before the Ogba Magistrate Court for allegedly swindling Empire Trust Microfinance Bank to the tune of ₦10m with fake business loan. 

P.M.EXPRESS reports that the incident happened on 19th May, 2025, at Empire Trust Microfinance Bank Limited, located at Oba-Akran Avenue, Ikeja.

He was alleged to have  fraudulently obtained ₦10,000,000 from the bank under the pretence of investing it in his business, knowing the claim to be false.

To convince the bank, he presented  a mortgaged property to the Bank which he secretly sold and presented a dud cheque to the bank and escaped.

The matter was reported to the Police at Area F Command, Ikeja. The Police operatives moved into action, eventually arrested and detained him at the Command for interrogation.

After thorough interrogation, the Police found him culpable and charged him before the Court for the alleged offence which attracts several years of imprisonment.

The prosecution alleged Okonkwo of issuing FCMB Bank Cheque No. 16122949 for ₦10 million dated May 19, 2025 in favour of Empire Trust Microfinance Bank. However, when the cheque was presented on the stipulated date, it was returned unpaid due to “insufficient funds”. Issuing a dishonoured cheque is punishable under Section 321(b) of Lagos Criminal Law.

Section 315 on obtaining by false pretence can attract three years imprisonment. Section 321(b) on dud cheques carries two years or a fine. Section 294(1) on fraudulent sale of mortgaged property can attract up to 7 years. If found guilty on all counts, Okonkwo faces over 10 years behind bars.

The charges read:

COUNT I:”That you, OKONKWO CHINONSO ‘M’ on the 19th May, 2025, at EMPIRE TRUST MICROFINANCE BANK LIMITED at No. 35, Oba- Akran Avenue Ikeja, in Lagos Magisterial District, did fraudulently obtain the sum of (N10,000,000.00) TEN MILLION NAIRA from Empire Trust Microfinance Bank Limited under the pretence of investing in your business but knowing fully to be false and hereby committed an offence contrary to and punishable under Section (315) of the criminal law of Lagos State of Nigeria, 2015.”

COUNT II:”That you, OKONKWO CHINONSO ‘M’ on the same date and place, in the aforementioned Magisterial District, did issue FCMB Bank Cheque with serial Numbers: 16122949, amount of TEN MILLION NAIRA (N10,000,000.00) dated on 19th May, 2025 in Favour of EMPIRE TRUST MICROFINANCE BANK LIMITED, when presented on stipulated date, the cheque was returned due to insufficient fund in an account and you thereby committed an offence under punishable under Section (321) (b) of the criminal law of Lagos State of Nigeria, 2015.”

COUNT III:”That you, OKONKWO CHINONSO ‘M’ on the same date and place, in the aforementioned Magisterial District, did sell off the Mortgaged Property used for the TEN MILLION NAIRA (₩10,000,000.00) loan without the consent of the company and thereby committed an offence contrary to and punishable under Section 294 (1) of the criminal law, of Lagos State of Nigeria, 2015.

However, he pleaded not guilty.

The prosecutor, Supol Josephine Ihkayere, 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, Mr. L.A. Owolabi, 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 at Kirikiri town, Lagos, pending when he will perfect his bail conditions.