Alleged N6bn fraud: I trusted Bishop Katung, invested N1.25m in his scheme ––Witness

A retired civil servant, Mr Olutayo Farakin, on Tuesday, told a Federal High Court that he trusted Bishop Jonah Katung and invested N1.25 million into the defunct Fadama multi-purpose cooperative society.

The Economic and Financial Crimes Commission (EFCC) charged Katung, alongside, Okewole Dayo, Dadin Kowa Micro-Finance bank Ltd and Irmiya Jatau for alleged conspiracy to commit fraud and money laundering of over six billion Naira belonging to more than 54, 000 investors.

Being led in evidence by EFCC counsel, Mr Benjamin Manji, Karakin, who is also a key prosecution witness, told the court, “I believed the man of God when he appeared on TV in 2010, informing the public of the viability of the Fadama multi-purpose cooperative.

“He said he was the chairman of the microfinance bank.

“I invested N1.25 million and got 10 per cent interest for six months before the microfinance collapsed on June 4, 2012.

“We (investors) were told that 10 per cent of our investments will be given to us monthly and one per cent of that amount will be compulsory deducted and saved for us.

“I enjoyed the 10 per cent for 6 months. One day, I went to the microfinance office and met people who went to complain about nor receiving any payment.”

When asked what happened to his principal investments, Fasakin said, “I have not gotten my money. I put a called to Bishop Katung and he assured me that my money will be paid as soon as possible.

“The money never came,” he said.

When asked during cross-examination by the defence Counsel, Dr Habila Arzard, how he got to know that his client, Bishop was the chairman of Fadama multi-purpose cooperative society, Fasakin said, “I told you before that he (Bishop) said it on TV.”

After Fasakin was discharged from the witness box, Manji, told the court that he has one more witnesses to take for the day and Justice Musa Kurya, the presiding judge, obliged him.