The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two fraudsters, Olumide Sangobiyi and Oxygen Business and Solutions Limited involved in a N70. 85 million scam.

A statement by the spokesman of the EFCC, Wilson Uwujaren, said the accused was docked before Justice Adeniyi Onigbanjo of the Lagos High Court on a nine count charge bordering on conspiracy to obtain money by false pretence, forgery and issuance of dishonoured cheques.

"Sangobiyi pleaded not guilty to the nine count charge," Wilson Added.

"Sangobiyi allegedly duped two companies: Boulos Enterprises Limited and RT Briscoe Plc by reneging on some transactions involving him and the two companies. In the case of Boulos Enterprise Limited, he was contacted to transfer the sum of $ 242, 810.00(Two hundred and Forty Two Thousand, Eight Hundred and Ten United States Dollars) into a particular account in Singapore for and on behalf of the firm while the company paid him the naira equivalent which was N38, 364, 011.00(Thirty Eight Million, Three Hundred and Sixty Four Thousand, Eleven Naira).

"In respect of R.T. Briscoe, the sum of N78,750,000.00( Seventy Eight Million, Seven Hundred and Fifty Thousand naira only) was paid through Sangobiyi's company, Pearls International Limited, in exchange for the transfer of $500,000.00 ( Five Hundred Thousand United States Dollars).

"He transferred only $200,000.00 (Two Hundred Thousand United States Dollars) into R.T.Briscoe's dollar account and another N14, 400,000.00 (Fourteen Million, Four Hundred Thousand Naira) to R.T.Briscoe, leaving a balance of N32, 850,000.00 (Thirty Two Million, Eight Hundred and Fifty Thousand Naira) unpaid.

"All efforts to make Sangobiyi pay the two firms proved abortive. All cheques he issued to the companies for the payment of the money were dishonoured.

"Justice Onigbanjo, in his ruling, granted Sangobiyi conditional bail. He ordered the surety to report fortnightly to the EFCC and report finally to the court on March 6, 2013 when all the bail applications will be resolved.

"He adjourned the case till March 27 and 28, 2013 for continuation of trial," the statement said.