A woman, Fasuyi Oyinade, on Friday appeared in an Ile-Ife Magistrates’ Court in Osun for allegedly defruading a cooperative society of N1 million.
Oyinade is facing a three-count charge bordering on fraud to which she pleaded not guilty.
The Prosecutor, Insp Sunday Osanyintuyi, told the court that the defendant committed the offence on Dec 20, 2016 at No 5, Orilonise St., Ile-Ife.
Osanyintuyi said that the defendant with intent to defraud obtained a credit of N1 million from Otitoinu Cooperative Society which she belonged to.
He added that the defendant maliciously broke the contract of being a member of Otitoinu by obtained N1m loan and failed to pay back the money.
According to him, the defendant caused severe ill health to some of the members when she failed to return the money.
He said that the offence contravened sections 305, 383, 390(9) and 419 of the Criminal Code, Laws of Osun, 2002.
The Defence Counsel, Mr Sunday Olagbaju, applied for the bail of his client in the most liberal terms, pledging that his client would not jump bail.
Magistrate Olukunle Owolawi granted the defendant bail in the sum of N500,000 with two sureties in like sum.
Owolawi ordered that sureties must swear to affidavit of means and reside within the court’s jurisdiction.
The case was adjourned till Aug 5.