The Police on Tuesday arraigned a 49-year-old man, Lanre Adegbite, before an Iyaganku Magistrates’ Court, Ibadan, over an alleged N1.7 million bank fraud.

Adegbite, whose address was not given, was charged with obtaining money under false pretence, to which he, however, pleaded not guilty.

The Prosecutor, Insp Olalekan Adegbite, told the court that the defendant committed the offence sometime in October 2023 at Advans Lafayetto Microfinance Bank, Ibadan.

He said that the defendant collected a loan of N1,711,195 from the microfinance bank, but paid it back with a fake UBA cheque.

Adegbite said that the defendant presented the fake cheque to the bank, but which was dishonoured due to insufficient fund in the account.

He said that the offence contravened Section 419 of the Criminal Laws of Oyo State, 2000.

The Magistrate, Mrs Oluwabusayo Osho, granted the defendant bail in the sum of N500,000, with two reliable sureties in like sum.

Osho adjourned the case till Aug. 15 for hearing.