Police authority in Osun State on Wednesday arraigned Fatai Gbadamosi, 35, before a Magistrate Court sitting in Ile-Ife for allegedly using another man’s building as collateral for a bank loan.

Fatai was said to have claimed to own the house, sworn to an affidavit of ownership and used same to obtain the sum of N500,000 from Chrisore Microfinance Bank in Ile-Ife.

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Police prosecutor, Inspector Elijah Adeshina informed the court that the defendant on January 17, 2017, at High Court of Justice Registry, Ajebandele street, Ife, swore to an affidavit of owning the building with which he use as security collateral for the loan, after forging a survey plan and sale of the land agreement for the said building.

He added that the defendant also fraudulently obtained the sum of N500,000 from Chrisore Micro Finance Bank, under the false pretence that he’s the owner of a building situated at Oke-Ogbo Area, Ile-Ife.

The Prosecutor stated further that the defendant collect and converted the sum of N500,000 to his own use, property of Chrisore Micro Finance Bank, Fajuyi, Ile-Ife.

According to him, the offence contravened sections 118, 383, 390(9), 419 and 473 of the Criminal Code, Laws of Osun, 2002.

The defendant, however, pleaded not guilty to four counts bordering on perjury, fraud, illegal conversion and forgery levelled against him

Defence Counsel, Mr Nicholas Babatunde, urged the court to admit the defendant to bail in most liberal terms, saying the defendant would not jump bail.

Presiding Magistrate, Mr A. I. Oyebadejo admitted the defendant to bail in the sum of N100,000 with one surety in the same sum and adjourned the matter till September 22, 2021, for hearing.