The accused was arraigned in court for collecting a sum of N220,000 from a man under the guise of a monthly contribution.
Police prosecutor, Chudu Gbesi, disclosed that the accused received the amount from one Nwadebia Samuel, who was told that the money will be used as a monthly contribution.
Mbak however failed to comply with the terms of their thrift agreement when it was Samuel's turn to receive his share.
The accused, who committed the offences in November 2016, at Araromi Street, Ota, Ogun State, is now facing a two-count charge of stealing and collecting money under false pretence.
According to Gbesi, the offences contravened sections 390(9) and 419 of the Criminal Code, Laws of Ogun, 2006.
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Senior Magistrate S. O. Banwo granted the accused bail in the sum of N100,000 following his not guilty plea.
He also adjourned the matter till Tuesday, January 17, 2016, for further deliberation.