The suspects had promised to remit 40 per cent interest to their subscribers.
Three men were on Thursday arraigned before an Ogudu Magistrate’s Court, Lagos for an alleged N8.94 million investment fraud.
The defendants, Hycent Dogwu, 48, Victor Onyeka, 32 and Henry Ezimakor, 32, whose addresses were not provided, are facing a two-count charge of breach of peace and stealing.
They pleaded not guilty to the charge.
The prosecutor, Inspector Sunday Bassey, told the court that the defendants, between October and November, at Ojota, Lagos collected N8.94 million from the complainant, Imo Kelechi and six others.
They did this under the pretence of remitting 40 per cent of the said amount as the interest of their investments into their accounts.
Mr Bassey said the defendants paraded themselves as a registered financial institution to Mr Kelechi and some others; a presentation they knew was false.
The prosecutor said all efforts made by the complainant to get the money back proved abortive.
Mr Bassey said the offence contravened Sections 168(d), 314 and 287 of the Criminal Law of Lagos State, 2015.
Section 287 stipulates three years jail term for stealing.
The Magistrate, A.O Daodu, granted the defendant bail in the sum of N500,000 with two sureties each in like sum.
Mrs Daodu adjourned the case until January 10 for mention.
(NAN)