Wednesday, November 27, 2013

Wonder Banker Arraigned for N60 million Fraud

The Economic and Financial Crimes Commission on Monday, November 25,
2013 arraigned one Daniel Hylampa Ngadda alongside his company Adags
Universal Trading Limited before Justice J. Y Tukur of the High Court
of the Federal Capital Territory, Apo, Abuja on a six count charge
bordering on fraud, breach of trust and obtaining the sum of Fifty
Five Million, Seven Hundred and Forty Four Thousand, Five Hundred
naira (N55,744.500), and Twenty Thousand Dollars ($20,000) by false
The accused who is the Managing Director of Adags Universal Trading
Limited, is alleged to have used the complainant, Jasini Bello who was
his employee, to dupe his victims by asking them to invest in his
company with a promise of earning fifty percent interest monthly on
their investment for a period of one year, while half of the initial
investment will be refunded at the end of the contract.
The accused pleaded not guilty when the charges were read to him.
One of the charges reads: "That you Mr. Daniel Hylampa Ngadda the
managing director of Adags Universal Trading Limited, sometime in 2008
at Abuja within Abuja Judicial Division with intent to defraud
obtained a total sum of twenty one million, eight hundred and fifty
five thousand, five hundred naira only through one Mr Jasini Bollo, Mr
Minso U. Gadzama and Bala Usman on behalf of others, on the pretext
that you were going to invest the said amount and pay the contributors
interest of 50 percent of the capital invested monthly, which you knew
to be false and thereby committed an offence contrary to Section 1(1)
(a) of the Advance Fee Fraud and Other Fraud Related Offence Act, 2006
and punishable under section 1(3) of the same Act."
The case has been adjourned to December 4, 2013 for hearing on bail
application while the accused is remanded in Kuje prison.
Wilson Uwujaren
Ag. Head, Media and Publicity
25th November, 2013

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