EFCC arraign Contractors for One Billion Naira property scam


The Economic and Financial Crimes Commission, EFCC, on Wednesday, December 10, 2014 arraigned a contractor, Mutairu Babatunde and two former staff of MTN : Victor Akintunde and Gani O. Mustapha and their companies Primavera Engineering and Construction Limited, and Mabo Dredging Limited before justice Lawal Akapo of the Lagos State High Court sitting in Ikeja on a 17-count charge bordering on conspiracy, obtaining money by false pretense, forgery, and issuance of dud cheque.
Akintunde and Mustapha, former executive members of MTN Employees Multipurpose Cooperative Society (MEMCOS), ran into trouble when they could not account for more than N1,000,000,000.00( One Billion Naira ), being money contributed by members of MEMCOS who purposed to own houses in the ambitious "Yellow Estate" proposed to them by the executive members.
MEMCOS was allegedly set up in order to build housing estate for the contributors but unfortunately after over N1,000,000,000 was contributed, the contributors received neither houses nor refund of their money. Akintunde and Mustapha allegedly connived with Babatunde, a purported contractor and converted the money into their personal use.
The accused persons all pleaded not guilty to the charges.

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