One Chukwuebuka Ezengwu, 21, who invested N286,600 sent to him by customers into the Mavrodi Mondial Movement (MMM) ponzi scheme was arraigned before a Magistrates Court on Thursday in Lagos.
Ezengwu, is facing a two-count charge of fraud and theft, he however pleaded not guilty to the charges.
The Prosecutor, Inspector Philip Osijiale, told the court that the accused committed the offences on March 1 at about 12:00 p.m. at Obun-Eko on Lagos Island.
He said that the accused put about N286, 600 sent by two of his customers into the Ponzi scheme.
The prosecutor said that the offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015. Section 287 prescribes three years imprisonment for theft while Section 314 carries 15 years imprisonment for fraud.
The Magistrate, Kazeem Omolaja, granted Ezengwu bail in the sum of 250,000 with two sureties in like sum. He said that one of the sureties must be either his father or mother while the other must be a gainfully employed person.
The case was afterwards adjourned till May 30 for mention.