Abuja Auto Dealer, Collins Masadey In Fraud Mess

An Abuja-based auto dealer, Collins Masadey, is presently cooling off in one of the prisons in the city for allegedly presenting a dud cheque to one of his clients.

Masadey, who runs Coomy Automobiles Limited in Abuja, was dragged to an Abuja High Court by the Economic and Financial Crimes Commission, EFCC, on Thursday, November 13, 2014.

He was arraigned before Justice Salisu Garba on one count charge bordering on issuance of dud cheque.

A statement by the EFCC disclosed that Masadey collected the sum of N10 million “from Hybridge Technical Company Limited Abuja for the supply of motor vehicles.”

However, the accused only supplied one vehicle to his client, leaving a balance of N7.2 million.

When he could not deliver the remaining vehicles he had promised to make available to his client, after much pressure, he issued a cheque for the sum of N5.2 million, which bounced on presentation, owing to insufficient funds.

“That you, Collins Masadey and Coomy Automobiles Limited, on or about the 8th of April, 2010 in Abuja within the jurisdiction of this Honourable Court with knowledge that you had insufficient funds in your account issued to one Hybridge Technical Company Limited, a Skye Bank Plc Cheque No 138677764 dated 8th of April, 2010 for the sum of N5,200,000.00 (Five Million, Two Hundred Thousand Naira only) which said cheque when presented for payment within three months of issuance was dishonoured due to insufficient funds in your account and thereby committed an offence contrary to Section 1 (1)(a) of the Dishonoured Cheque (offences) Act Cap 102 Laws of the Federation of Nigeria and punishable under Section 1 (1) (b) (i) (ii) of the same Act,” the charge read.

But the accused pleaded not guilty when the charge was read to him.

Justice Salisu Garba adjourned the case to November 17,2014 for ruling on the bail application and ordered that the accused be remanded in prison custody.