Couple Faces Court Over Alleged ₦740 Million Investment Fraud

A federal court in Abuja has arraigned a businessman and his wife for allegedly defrauding the public of about ₦740 million through a fake investment scheme. They were charged with fraud, money laundering, and obtaining money under false pretences.

The Economic and Financial Crimes Commission (EFCC) alleged that the couple convinced investors to transfer large sums into their company accounts with promises of high returns from supposed export deals, but the promised profits were never delivered.

At the hearing, the defendants pleaded not guilty. The court granted bail to one of them while ordering the other to remain in custody, setting a date for the trial to commence.

Authorities say the case underscores their ongoing efforts to combat financial crimes and safeguard the public from fraudulent investment schemes.