9th October, 2015
The Economic and Financial Crimes Commission, EFCC, has secured the conviction of Balogun Olaitan and his company, Disok International Limited, before Justice M.T.M. Aliyu of the Kaduna High Court.
The convicts were docked on a six-count charge of obtaining money under false pretence to the tune of N12m, which is contrary to section 1(1) (a) and punishable under section 1(3)of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006.
Until his arrest and prosecution by the EFCC, Olaitan, who operated a ‘wonder bank’, had specialised in collecting money from unsuspecting victims, with promises of attractive return on their investments,
However, when he defaulted in making the payments promised, the victims petitioned the EFCC.
Delivering judgment, Justice Aliyu convicted the accused persons on counts 1, 2, 3, 4 and 6, but discharged them on count 5.
He sentenced the first accused person, Olaitan, to eight years imprisonment, on each of the counts but the sentences will run concurrently.
The second accused, Disko International Limited, was fined N50,000 on each count.