Kaduna-Based Forex Trader in Trouble Over N10m

By Dipo Olowookere

A Bureau De Change (BDC) operator in Kaduna identified as Mr Yusuf Ibrahim Karakai has landed into a big trouble for allegedly duping one of his clients to the tune of N10.2 million.

As a result, he has now been arraigned before Justice M Tukur of the Kaduna State High Court on a one count charge bordering on criminal breach of trust, misappropriation of funds and obtaining money by false pretence.

It was gathered that before he was arraigned by the Economic and Financial Crimes Commission (EFCC), a petition was filed against him, which prompted the agency to invite him for questioning.

It was alleged that Mr Karakai approached the complainant identified as Mr Bashir Ibrahim Isah with a proposal to partner with him in floating a foreign exchange trading business.

After both parties agreed on the terms, the petitioner said he and one other person invested N10.2 million in the enterprise for a period span of two years.

However, the petitioner claimed after receiving the money, the accused person was nowhere to be found again.

At the court during his arraignment, the EFCC, in the count charge, said, “That you Yusuf Ibrahim Karakkai sometime in 2012 in Kaduna Within the Kaduna judicial Division of High Court of Kaduna State while operating a Bureau de change business (trading in foreign currency) and in such capacity entrusted with Dominion over the sum of N10,173,000.00 only, belonging to one Bashir Ibrahim Isah and thereby committed criminal breach of trust by misappropriating the money in violation of the mode in which such trust is to be discharged and thereby committed an offence contrary to Section 311 of the Penal Code Law punishable under Section 312 of the same Law.”

But when the charge was read to him, the accused person pleaded not guilty to the charge against him and the prosecution counsel, Sa’ad Hanafi urged the court to fix a date for commencement of trial while the defence AbdulRauf Atiku Esq asked for the accused to be granted bail.

Justice Tukur however granted bail to accused in the sum of N1 million with a surety who should have a landed property, C of O and evidence of tax clearance. The case is adjourned to December 6, 2018 for commencement of hearing.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

more recommended stories