Man Arraigned Over Alleged N420.9m Forex Fraud
The police in Lagos have arraigned a middle-aged man, Jubril Haruna, before the Federal High Court over an alleged N420.9 million foreign exchange (forex) fraud.
Haruna was arraigned before Justice Ibrahim Kala by operatives of the Police Special Fraud Unit (PSFU), Ikoyi, on a five-count charge of conspiracy, obtaining money by false pretence, unlawful conversion and money laundering.
The prosecution alleged that the defendant and others still at large committed the offences in Lagos on 31 July 2026.
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The prosecutor, Chief Superintendent of Police (CSP) Momoh Yakubu, told the court that the defendant and his alleged accomplices conspired to obtain N420.9 million from Usman Aliu under the false pretence that they would exchange it for its equivalent in United States dollars.
According to the prosecution, instead of exchanging the funds as allegedly agreed, the defendant used the money for his personal use and benefit.
Yakubu further alleged that the N420.9 million was transferred into a designated corporate account held with Polaris Bank and operated in the name of SJ Mamesara Solution Limited.
The prosecutor also alleged that Haruna and his co-conspirators concealed, transferred or disguised the origin of the funds, which were allegedly obtained through Union Bank Plc accounts and subsequently moved through the SJ Mamesara Solution Limited account with Providus Bank and other corporate accounts.
The defendant was further accused of converting or transferring funds allegedly derived from unlawful activity for his personal benefit.
The prosecution said the alleged offences contravened Section 8(a) and Section 1(1)(c), and were punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Yakubu further claimed that the offences contravene Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as Section 383(2)(a) of the Criminal Code Act, punishable under Section 390(9).
The defendant pleaded not guilty to all the counts.
After his plea was taken, his lawyer moved a bail application which was opposed by the prosecutor.
In his ruling, Justice Kala granted the defendant bail in the sum of N100 million, with two sureties in a like sum, subject to other conditions imposed by the court.
The judge subsequently adjourned the case until October 28 for trial.
Justice Kala, however, ordered that the defendant be remanded in the custody of the Nigerian Correctional Service (NCoS) pending the fulfilment of his bail conditions.
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