Banker Bagged 8 Years Jail Term For N12m Fraud (See Photo)

The Economic and Financial Crimes Commission, EFCC, has secured the conviction of one Balogun Olaitan and his company, Disok International Limited, before Justice M.T.M. Aliyu of the Kaduna High Court.

The convicts were docked on a six-count charge of obtaining money under false pretense to the tune of N12m( Twelve Million Naira), which is contrary to section 1(1) (a) and punishable under section 1( 3)of the Advanced Fee Fraud and Other Fraud Related Offenses Act, 2006.

Until his arrest and prosecution by the EFCC, Olaitan, who operated a ‘wonder bank’, had specialized in collecting money from unsuspecting victims, with promises of attractive return on their investments.