The Economic and Financial Crimes Commission on Tuesday arraigned Fashe David Kehinde Itopa before Justice Sunday Ebenezer Aladetoyinbo of the High Court of the Federal Capital Territory, Abuja on a two-count charge bordering on issuance of dud cheque of N13 million.
The accused person, who is the Managing Director of Wayves System Investment Limited, was alleged to have collected the N3 million in two installments from 31 staff of Cherryfield College, with the promise that there will be an 18 per cent monthly interest accruable from their investment, a promise that he later reneged on.
Attempt to recover the said money failed, especially as two cheques he issued to his customers bounced, which led to the petition and his arrest.
Itopa pleaded not guilty to the two count charge, after which his bail application was moved by the defence counsel, Nkem Okoro, who urged the court to give bail on most liberal terms since his client has been reporting diligently to the commission ever since he was granted administrative bail and that he has no criminal record.
The prosecution counsel, Charlotte Dennis, who did not oppose the bail application, however said having no criminal record has no basis in denying or granting bail.
Dennis stated that a crime has already been committed.
The judge granted the accused bail in the sum of N13 million and one surety in like sum.
The surety must have a landed property in Federal Capital Territory.
The case has been adjourned to May 7 and 8, 2013 for trial.
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