Businessman Adewale was charged with fraud of N12 million.

The Economic and Financial Crimes Commission (EFCC) has charged businessman Adewale Aladejana, who is located in Abuja, with committing an alleged N12 million fraud.

Adewale, the managing director of Sapphire Scents Limited, was charged with three counts of misappropriation and gaining under false pretense on Tuesday, October 4, before Justice M. A. Madugu of the Federal High Court in Bwari, Abuja.

“Specifically, he reportedly collected the sum of N12 million from potential investors in his company, with a promise of turnover in six months, without offering any profit or repaying the invested funds to his investors,” the EFCC stated in a statement on Friday.