The Economic and Financial Crimes Commission on Monday, November 25, 2013 arraigned one Daniel Hylampa Ngadda alongside his company Adags Universal Trading Limited before Justice J. Y Tukur of the High Court of the Federal Capital Territory, Apo, Abuja on a six count charge bordering on fraud, breach of trust and obtaining the sum of Fifty Five Million, Seven Hundred and Forty Four Thousand, Five Hundred naira (N55,744.500), and Twenty Thousand Dollars ($20,000) by false pretence.
The accused who is the Managing Director of Adags Universal Trading Limited, is alleged to have used the complainant, Jasini Bello who was his employee, to dupe his victims by asking them to invest in his company with a promise of earning fifty percent interest monthly on their investment for a period of one year, while half of the initial investment will be refunded at the end of the contract.
The accused pleaded not guilty when the charges were read to him.
One of the charges reads: “That you Mr. Daniel Hylampa Ngadda the managing director of Adags Universal Trading Limited, sometime in 2008 at Abuja within Abuja Judicial Division with intent to defraud obtained a total sum of twenty one million, eight hundred and fifty five thousand, five hundred naira only through one Mr Jasini Bollo, Mr Minso U. Gadzama and Bala Usman on behalf of others, on the pretext that you were going to invest the said amount and pay the contributors interest of 50 percent of the capital invested monthly, which you knew to be false and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee Fraud and Other Fraud Related Offence Act, 2006 and punishable under section 1(3) of the same Act.”
The case has been adjourned to December 4, 2013 for hearing on bail application while the accused is remanded in Kuje prison.
Media and Publicity
25th November, 2013