A property developer, Ibrahim Ayinde, who allegedly defrauded 124 accommodation seekers of N25 million, on Monday appeared before an Ebute Meta Magistrates’ Court.
Ayinde, aged 39, is facing a 125-count charge bordering on conspiracy and stealing.
The Prosecutor, ASP Clara Olagbayi, told the court that the accused committed the offences between May 2017 and July, this year, at Agege, Lagos.
She alleged that the accused had collected several sums amounting to over N25 million from 124 unsuspecting property seekers, under the pretext of securing for each of the victims a 4-bedroom apartment.
The prosecutor said his tricks were exposed when it was time to hand over the keys, as all the 125 complainants came and laid claim to the apartments.
She said the offences contravened Sections 314 and 411 of the Criminal Law of Lagos State, 2015.
But the accused pleaded not guilty of the charge.
The Magistrate, Mrs O.A. Olagbende, admitted the accused to bail in the sum of N3 million, with two responsible sureties, each in like sum.
Olagbende ruled that the sureties, who should be house owners, must have their addresses verified by the court Registrar.
She further ruled that such sureties must show evidence of tax payments to the Lagos state government, as part of the bail conditions.
The magistrate adjourned the case until Oct. 30, for mention.