A Federal High Court in Enugu has granted bail of N20 million to the Managing Director of KSLEY Mega Vision Ltd., Kingsley Ubenyi over alleged N86.4 million fraud.
The News Agency of Nigeria (NAN) reports that Ubenyi and sister, Vivian Ubenyi, now at large, have been under investigation by the Economic and Financial Crimes Commission (EFCC) over the said offence.
The accused is facing a 63-count charge bordering on Advanced Fee Fraud and illegal operation of a financial institution.
Ubenyi was alleged to have collected sums of money amounting to N86.4 million from his victims with the intent to defraud.
He was said to have falsely pretended to invest the monies collected from his victims in the company with a promise to pay five per cent interest of the principal amount.
Ubenyi was said to have committed an offence contrary to Sect. 17 (1a) of the Advance Fee Fraud and other Fraud related Offences Act 2006 and punishable under Sect. 17 (3) of the same Act.
The accused pleaded not guilty to all the charges.
The defence counsel, Mr Ike Ozor, applied for bail of his client but the prosecution counsel, Mr Rotimi Ajobiewe, opposed the bail application on grounds that the accused would jump bail following the weighty evidence against him.
The presiding judge, Justice Mohammed Liman observed that the accused had been diligent at responding to EFCC invitations prior to his arraignment.
Ubenyi was then granted bail to the tune of N20 million with two sureties in like sum.
Liman said that the sureties must be civil servants at the directorate level in any of the three tiers of government and must show evidence of ownership of property within the jurisdiction of the court.
The case was adjourned till July 5 for commencement of hearing. (NAN)