Mr M.S. Mabub, counsel to the Economic and Financial Crimes Commission (EFCC), had earlier informed the court that the defendant was facing a four-count charge bordering on pretence and obtaining money under false pretences.
Mabub said that Arabambi committed the offences between July 14, 2016 and July 19, 2016 and also from Feb. 1, 2017 to Feb. 9, 2017, in Ibadan.
According to the prosecutor, the defendant operated a fraudulent company called Eagles Investment Ltd., to defraud one Sunday Lawal to the tune of N3.450million.
Mabub alleged that the defendant lied to the complainant that the money would be invested for him in the company, but he knew that it was fake.
The prosecution added that the offences contravened Section 1 (1)(A) and punishable under Section (2)of the Advanced Free Fraud and Other rRelated Offences Act 2006.
Justice Abdulmaleek, in a ruling, said the defendant must provide one reliable surety who must not be less than Grade Level 12 in the Oyo State Civil Service as part of his bail conditions.
She then adjourned the case until Feb. 20 for hearing.
