A 31-year-old businessman, Damilola Onasanya, was on Thursday, docked in Magistrates’ Court in Ogudu, Lagos, for alleged N4.1 million Bitcoin fraud.
The police charged Onasanya who resides in Ikeja area of Lagos with conspiracy, obtaining money under false pretences and theft.
He, however, pleaded not guilty to the charge.
The Prosecution Counsel, Insp Donjour Perezi, told the court that the defendant committed the offence with some others, at large on Feb. 5 at Ikorodu Road, Ketu, Lagos.
Perezi said the defendant fraudulently obtained N2.7million from Valentine Okoye on the pretext of buying Bitcoins for him.
The prosecution also said that the defendant collected N1.4million from Ikechukwu Nwachukwu for the purchase of Bitcoin.
The defendant, he said, bought fake Bitcoins for the complainants and converted the money to his personal use.
The offence, he said, contravened the provisions of Sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.
The News Agency of Nigeria reports that Section 287 stipulates three years imprisonment for stealing, while Section 314 attracts 15 years for obtaining money under false pretenses.
Magistrate O.M. Ajayi admitted the defendant to bail in the sum of N500, 000 with two sureties in like sum.
Ajayi ordered that the sureties should be gainfully employed with evidence of tax payments to the Lagos State Government.
She adjourned the case until April 22 for mention.