Pastor remanded in Prison Custody over alleged N62m Fraud

A Pastor identified as Isaac Arabambi has been remanded in prison custody over an alleged N62m fraud following his arraignment by the Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office.

The Pastor who alongside his company, Heroes Investment Company Limited was arraigned before Justice Joyce Abdulmalik of the Federal High Court sitting in Ibadan, Oyo State, on a four-count charge bordering on obtaining money by false pretence,  is also standing trial on another 11-count charge bordering on unauthorized operation of a financial institution and obtaining the sum of N62, 326,250.60 (Sixty Two Million, Three Hundred and Twenty Six Thousand Two Hundred and Fifty Naira Sixty Kobo) only by false pretence, and was earlier arraigned on January 15, 2019 before the same judge.

One of the charges read;

“That you Isaac Arabambi and Heroes Investment Limited on or about 14th July, 2016 at Ibadan within the Ibadan jurisdiction of this Honourable Court with intent to defraud, obtained the sum of N1,910,000 from one Lala Sunday by falsely representing that the money would be invested in his Borrowed Fund Account domiciled with you, which representation you knew to be false and thereby committed an offence contrary to Section 1(1)(a)and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offenses Act 2006”.

However, the Pastor who pleaded not guilty was granted bail in the sum of N500, 000 and one surety in like sum. The surety must deposit his international passport with the Court, and must be a civil servant with the Oyo State Civil Service not below grade level 12.