Businessman faces court over £122,000 investment scam
Ashley Oshin has been taken to court for allegedly defrauding two investors of £122,000. He promised to invest their money but is accused of false pretenses.
The Economic and Financial Crimes Commission (EFCC) has taken a businessman, Ashley Oshin, to court. He is accused of collecting £122,000 from two investors while pretending to invest the money.
Mr Oshin appeared on Thursday at the Lagos State High Court in Ikeja. He faced one count of obtaining money by false pretence.
The EFCC claims he took money from Oluwafemi Fajana and Abiodun Adeogun between 2009 and 2010. He promised to invest their money in a fund run by Oschards Limited.
According to the charge, he assured the investors of a 40 per cent annual return on their investment. The EFCC alleges he knew this promise was false.
This action goes against Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
When the charge was read, Mr Oshin pleaded not guilty. Justice Ismail Ijelu presided over the case.
Prosecutor M.S. Owede informed the court that the charge was filed on 29 June. He requested a date for the trial.
Mr Owede also asked the court to keep the defendant in a correctional centre. He explained that the EFCC detention facility was overcrowded and had no space.
He needed more time to respond to a bail application from the defense.
The defense lawyer, Samuel Umoren, mentioned he submitted a bail application on 10 November 2026. He said the application had been served to the prosecution and urged the court to hear it soon.
Mr Umoren also requested that his client be kept in EFCC custody.
Justice Ijelu adjourned the case until 18 November for the trial and to address the bail application.
The judge ordered Mr Oshin to remain in a correctional centre until further notice.
The promised 40 per cent annual return connects to warnings from the Securities and Exchange Commission (SEC) about risky investment schemes.
In November 2023, the SEC advised investors to be cautious of schemes offering returns higher than 20 per cent a year. They urged investors to check if the investment operators are registered.
Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, anyone found guilty of this crime could face imprisonment for seven to 20 years.
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