Court remands property manager in Prison Over N132m fraud

Justice J.E Obanor of the Federal Capital Territory High Court, Abuja today June 17, 2021 remanded one Ifeanyi Israel in prison for fraud.

Israel was arraigned by the Economic and Financial Crimes Commission EFCC alongside his company, UI Properties Limited, on one count charge bordering on dishonesty, breach of trust and conversion of funds to the tune of N132,503,000 belonging to his client, a certain, Dr. J.K. Okoye.

The charge reads, “that you Ifeanyi Israel and UI Properties Ltd sometime in 2006 at Abuja within the jurisdiction of the Federal Capital Territory, being entrusted to collect and remit rent from tenants from 6 properties at Wuse Zone 6, Utako, Garki in Abuja and Lekki Phase 1 in Lagos by one Dr. J.K Okoye received a total sum of N132,503,000 000 (One Hundred and Thirty Two Million Five Hundred and Three Thousand Naira only) from the tenants, dishonestly misappropriated the stated sum to your own use and thereby committed an offence contrary to section 311 and punishable under section 312 of the Penal Code Act, Laws of the Federation (Abuja), 1990.”

The suspect pleaded “not guilty” to the charge preferred against him and has been remanded at the Correctional Centre while the case was adjourned till 29thJune, and 1st and 2nd July 2021 for commencement of trial.