The two men were arraigned before Justice Oluremi Oguntoyinbo by the Police Special Fraud Unit, Ikoyi, Lagos.
A Nigerian, Olakunle Bello Shola, and an Indian-Canadian, Santosh Singh, were on Monday arraigned before a Federal High Court, Lagos, over an alleged N100m fraud.
The two men were arraigned before Justice Oluremi Oguntoyinbo by the Police Special Fraud Unit, Ikoyi, Lagos.
Prosecutor, Sylvester Azuibuike, told the court that the defendants and one Vivek Bansal now at large, fraudulently obtained the sum of N100.075m from a bank through their company, Continental Logistics Limited, under the pretence of using the money to procure 240 metric tonnes of Sesame seed and 44.9 metric tonnes of cashew nuts, which were to be stored at a warehouse in Kano State.
Azuibuike further told the court that defendants had falsely told the bank that it will be a tripartite agreement between their company, Thramaseed Inpex Limited and the bank.
The offence, according to the prosecutor, is contrary to Section 1 (2) of the Advanced Fee Fraud and Other Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.
The defendants pleaded not guilty to the charge.
Following the defendants' plea, the prosecutor asked the court for a trial date while also urging the court to remand the defendants in prison custody till the determination of the charge against them.
However, the defence team led by Olalekan Ojo (SAN), told the court that they had filed bail applications for the two men and same had been served on the prosecution.
They therefore urged the court to take their application and admit their clients to bail in the most liberal terms.
Justice Oguntoyinbo reserved ruling on the bail applications till November 4, while fixing December 11 for the commencement of defendants' trial.
The judge ordered that the defendants be remanded in the custody of Nigerian Correctional Services.