A real estate developer, Ishola Salauden, was on Wednesday dragged before an Ebute Meta Chief Magistrates’ Court in Lagos on a 210-count charge of defrauding 111 accommodation seekers of about N1 billion.
Thirty-seven-year-old Salaudeen, who resides at No. 59, Oriola St., Ketu Alapere, Lagos, was charged with stealing and obtaining by false pretences.
The prosecutor, G.O. Osuyi, said that the accused committed the offences between April and July at his residence.
Osuyi said that the developer collected various amounts of money from 111 accommodation seekers in the guise of securing the same mini flats for them at his residence.
He said that when each of the victims went to occupy the apartment, he discovered that the developer had rented it out to other persons.
The prosecutor said that when the victims sought to recover their money, the developer absconded.
Osuyi said that the offences contravened Sections 285 and 312 of the Criminal Law of Lagos State, 2011 and attracts penalty of 15 years imprisonment.
The accused, however, pleaded not guilty to all the counts.
The Chief Magistrate, S.O. Solebo, granted him bail in the sum of N2 million with two sureties in like sum.
Solebo ordered that one of the sureties should be a property owner in Lagos State and must produce evidence of three years tax payment to the state government.
The court adjourned the case to September 9.