Wonder bank chief arraigned for alleged N60m fraud

A wonder bank operator, Daniel Ngadda, has been arraigned along with his company, Adags Universal Trading Limited, before Justice J. Y Tukur of the High Court of the Federal Capital Territory, Apo, Abuja.

Ngadda was arraigned by the Economic and Financial Crimes Commission on six counts of fraud, breach of trust and obtaining N55.7m, and $20,000 by false pretence.

The accused, who was the Managing Director of the firm, was 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 50 per cent interest monthly on their investment for a period of one year.

The charges read in part, “That you, Mr. Daniel Ngadda, the Managing Director of Adags Universal Trading Limited, sometime in 2008 at Abuja, within Abuja Judicial Division, with intent to defraud, obtained N21.8m through one Jasini Bello, Minso 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 per cent 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 accused pleaded not guilty to the charges.

 The case was adjourned till December 4, 2013 for hearing on bail application, while the accused was remanded in Kuje prison.