The scheduled trial of Amarinyemi Louis, Executive Director of Farmcanta Global Investment Limited, for an alleged fraud of N81 million, stagnated Friday in the Federal Superior Court in Lagos due to the absence of key parts involved in the case.
Judge Ambrose Lewis-Allagoa, who presides over the matter, could not proceed with the trial, since neither the lawyer of the Prosecutor's Office, Justine Enang, nor the defense team, nor the accused himself were present in the Court.
Although the case appeared as number eight in the list of causes of the court, it was not mentioned for the hearing throughout the day.
There was no official reason for the absence of legal representatives and the defendant.
Louis, who was prosecuted in June 2024 by the Special Police Fraud Unit (PSFU) based in Ikoyi, Lagos, faces a charge of four positions that borders the conspiracy and obtaining money under false claims, contrary to the fraud of early rates and other acts of related crimes.
According to the position, the defendant and his company, Farmcanta Global Investment Limited, allegedly conspired with others in general between August and September 2020 to defraud the offices off guard of a total of N81,030,000.
A breakdown of the alleged fraudulent transactions includes N20,430,000 of Mr. IMEH Jimmy Ikpaisong, N12,300,000 of Mrs. Kate Ichiko and N48,300,000 of Mrs. Lolo Mari George.
The funds supposedly were collected under the appearance of investing in rice agriculture, palm oil and livestock companies.
The position indicated that the funds were paid through the payment of Paystack and deposited in Wema bank accounts operated by the defendant: 7270261917, 7270243089 and 7270210159.
It was also alleged that Louis promised that his victims return his investments as part of a joint business association, but failed to honor the agreement.
Instead, he was accused of diverting the funds for his benefit, a representation that the Prosecutor's Office affirms that he knew it was false.
In his reading positions, Louis declared himself innocent of all charges and was awarded the bail for the sum of N100 million on July 17, 2024. He has been on bail pending waiting for the beginning of the trial.
The crimes are punishable under section 1 (3) of the fraud of early rates and other related crimes No. 14 of 2006, according to the Prosecutor's Office.
The Court Registrar is expected to announce a new trial date.
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