The police have arraigned a 22-year-old man, Joshua Kayode, before a Federal High Court sitting in Ikoyi, Lagos, for allegedly defrauding 170 people to the tune of N10.7bn under a fake investment scheme.

Kayode was arraigned on Thursday before Justice Tijjani Ringim on 170 counts of conspiracy and obtaining money by false pretences alongside his company, Quintessential Investment Company Limited.

Counsel for the prosecution, Williams Tijjani, told the court that the defendant and others now at large, committed the offences between July 2020 and March 2021.

“The defendant defrauded the victims under the pretence of false multiple returns on investment and the offences committed by the defendant are contrary to sections 8 and 1 of the Advance Fee Fraud and other Fraud Related Offences Act, 2006,” Tijjani said.

However, the defendant denied the allegations and pleaded not guilty to the counts.

Tijjani urged the court to remand the defendant pending when his bail application would be heard and determined.

Counsel for the defendant, Emeka Okpoku (SAN), did not oppose the prosecutor’s remand application, but asked the court for a short date to enable him to file the bail application.

Justice Ringim adjourned the matter till August 11, 2021, for hearing of the defendant’s bail application.

The judge also ordered that Kayode be remanded in the prison custody till the hearing and determination of his bail application.