By Michael Ofulue

A 35-year – old business man, Adebayo Richard, who allegedly defrauded a multinational Limited and Wood Receipt Company of N 9. 9million has been arraigned before an Akure Magistrate .
Adebayo, is presently standing trial on three counts charge of unlawful conversion, fraud and forgery.
But he pleaded not guilty to all the charges, which the prosecution said contravened Sections 419,383,465, and punishable under Section 390(a)of the Criminal Code Cap 37, Volume 1, Laws ofOndo State of Nigeria, 2006.
The police prosecutor, Inspector Uloh Goodluck Okonkwo, told the court that the case was of fraud and that he needed more time to go through the file for diligent prosecution.
He requested for more a short adjournment to enable the police carry out further investigation on the matter.
But lawyer to the accused, Mr P. O Ujah,prayed the court to grant bail to his client in most liberal term
He added that the family of the accused were ready to settle out of court, hence he urged the court to give a short date to enable them reach agreement.
The Magistrate, Aladejana admitted the accused to bail in the sum of N2miillion with two sureties in like sum.
He adjourned the case till July 20, for hearing.