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Isaac Arabambi, an Ibadan-based pastor, has appeared before Justice Joyce Abdulmaleek of the Federal High Court, Ibadan, following his alleged involvement in N3.4 million fraud.

Counsel to the Economic and Financial Crimes Commission (EFCC), M.S. Mabub, had on Monday informed the court that the defendant along with his company, Heroes Investment Company Limited was facing a four-count charge bordering on pretense and obtaining money under false pretense.

In another statement issued by the acting spokesman of the Commission, Tony Orilade, in Abuja, Arabambi 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).

Mabub said that Arabambi committed the offences between July 14, 2016 and July 19, 2016 and also from Feb. 1, 2017 to Feb. 9, 2017, in Ibadan.

According to the prosecutor, the defendant operated a fraudulent company called Eagles Investment Ltd., to defraud one Sunday Lawal to the tune of N3.450million.

Mabub alleged that the defendant lied to the complainant that the money would be invested for him in the company, but he (the defendant) knew that it was fake.

The prosecutor added that the offences contravened Section 1 (1)(A) and punishable under Section (2) of the Advance Fee Fraud and Other Related Offences Act 2006.

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Justice Abdulmaleek, in a ruling, said the defendant must provide one reliable surety who must not be less than Grade Level 12 in the Oyo State Civil Service as part of his N500,000 bail conditions.

She then adjourned the case until Feb. 20 for hearing and ordered that he be remanded in Agodi Prison pending the perfection of his bail application.

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