Tata Thomas Oluwafemi Michael, a suspected fraudster, has been presented before a Federal High Court in Lagos, Southwest Nigeria, for allegedly being involved in a N1,843,000,000 scam.

The presiding Judge, Peter Lifu, ordered his remand at Ikoyi Correctional Services after he pleaded not guilty to the 9-count charge brought against him by the Police Special Fraud Unit. The alleged offenses were said to have taken place between 2020 and May 2022 in Lagos State.

The defendant is accused of fraudulently obtaining money from an individual under the pretense of investing it in interest yielding businesses. The charges are in violation of the Money Laundering (Prevention and Prohibitions) Act, 2022. Despite the defendant’s not guilty plea, the court granted him bail with a bond of N100 million and two sureties who must meet specific conditions. The trial is scheduled to begin on October 18, 2023.