Man arraigned for using someone else house as collateral to obtain N500,000 loan

The Police in Osun on Wednesday arraigned one Gbadamosi Fatai in Ile-Ife for allegedly using someone else house as collateral to obtain a bank loan at Ile-Ife in Osun.

Man arraigned for using someone else house as collateral to obtain N500,000 loan. [thetrentonline]

Fatai, 35, whose home address was not provided, is being tried for perjury, fraud, illegal conversion and forgery before an Ile-Ife Magistrates’ Court, Ile-Ife.

The Prosecutor, Insp. Elijah Adesina, told the court that the defendant allegedly committed the offence on Jan. 17, 2017.

Adesina alleged that the defendant approached a high court registry on Ajebandele Street, Ile-Ife to obtain an affidavit purporting him to be the owner of a building situated at Oke-Ogbo area, Ile-Ife.

He told the court that the defendant unlawfully forged a survey plan and sale of land agreement executed by one Akeem Adeyera to perpetrate the fraud.

Adesina said that the defendant allegedly intended to defraud the bank and the owner of the building because he knew that the building belonged to someone else.

He claimed that Fatai used the affidavit as collateral to fraudulently secure a loan of N500,000 from a micro finance bank in Osun.

The prosecutor alleged that the defendant collected and converted the N500,000 to his own use.

The prosecutor said the defendant was caught when his transactions turned out to be a false representation when he failed to service the loan.

Adesina said the offence contravened sections 118, 383, 390(9), 419 and 473 of the Criminal Code, Laws of Osun, 2002.

The defendant, however, pleaded not guilty to the charges.

The Defence Counsel, Mr Nicholas Babatunde, urged the court to grant his client bail in most Liberal terms.

Babatunde pledged that Fatai would not jump bail, but would provide reliable sureties.

Magistrate A. I. Oyebadejo granted the defendant bail in the sum of N100,000 with one surety in like sum.

Oyebadejo said that the surety must swear to affidavit of means and reside within the court’s jurisdiction.

The magistrate also ordered that the surety must produce three of his recent passport photographs.

He adjourned the case until Sept. 22 for hearing.

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