The police on Tuesday arraigned First City Monument Bank and three others before an Ikeja High Court, Lagos State over alleged mortgage fraud.
The other defendants in the case are Polycarp Okogun, Batik Line International Limited, and Bolaji Adebajo, who is still at large.
The defendants were arraigned on a four-count charge bordering on conspiracy to commit a felony, forgery and fraudulent conversion.
The News Agency of Nigeria reports that the first defendant, Okogun, pleaded not guilty for himself and on behalf of FCMB and Batik Line International Limited.
Counsel for the Police Special Fraud Unit, Daniel Apochi, thereafter urged the court to remand the defendants at the correctional centre.
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The Defence Counsel, M.O. Abdul, however, informed the court that the defence had filed a bail application on behalf of the defendants.
Abdul said that the application, dated March 10, had also been served on the prosecution.
Following the submissions by the counsel, Justice Ismail Ijelu ordered that the first defendant be remanded in a correctional centre pending the hearing of his bail application.
Ijelu thereafter adjourned the case until March 26 for hearing of the bail application and commencement of trial.
The prosecution had told the court that the defendants conspired to commit the offences between 2008 and 2009 in Lagos.
The prosecutor also alleged that the defendants forged the signature of the complainant, one Grace Akinwusi, on several legal documents.
According to the police, the alleged forged documents include an authority to create a legal mortgage, a deed of assignment, an irrevocable power of attorney and a memorandum of understanding.
The prosecution further submitted that the forged documents were allegedly used to fraudulently convert the complainant’s property, situated at No. 5B, Sasegbon St., GRA, Ikeja, Lagos, to the defendants personal use.
According to the prosecution, the alleged offences violate Sections 287, 363, 365, and 411 of the Criminal Laws of Lagos State, 2015.
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