SOUTH KOREAN POLICE SEEK ARREST WARRANT FOR HYBE CHAIRMAN BANG SI-HYUK OVER ALLEGED $100 MILLION INVESTOR FRAUD SCHEME. (PHOTO).

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 South Korean police seek arrest warrant for Hybe chairman Bang Si-Hyuk over alleged $100 million investor fraud scheme    South Korean police are seeking an arrest warrant for Bang Si-Hyuk, the billionaire music executive behind K-pop powerhouse Hybe and BTS, as part of an expanding investigation into allegations that he improperly benefited from an investor scheme involving more than $100 million. Authorities said they have asked prosecutors to pursue a court warrant for Bang’s arrest as they continue probing claims that he misled investors in 2019. Investigators allege he told investors that Hybe had no plans for an initial public offering, leading them to sell shares to a private equity fund. The company later went public, and police suspect a separate arrangement may have resulted in Bang receiving a substantial payout tied to post-IPO stock profits. Bang’s legal team has not directly addressed the specific allegations but said he has cooperated with investigators an...
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EFCC ARRAIGNS BUSINESSMAN OVER N10 MILLION DUD CHEQUE.[PHOTO].#PRESS RELEASE.

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The Benin Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Thursday July 29, 2021 arraigned one Paschal Okirika before Justice Anthony Olotu Akpovi of the Delta State High Court sitting in Warri.


Okirika was arraigned on a two count charge of issuance of dud cheque.


The charge against the defendant reads: "That you Pashcal Okirika on about 30th of October, 2017 being the managing director of Okipas Limited , in Delta State within the jurisdiction of this Honourable Court, induced First Bank Plc to offer to you a credit facility of N10,000,000.00 (Ten Million Naira) to dredge and stockpile 30,000 cubic meter of sharp sand to be supplied to Setraco Nigeria Limited for 90 days, by issuing a Diamond Bank Plc cheque No. 0062144789, in the sum of N3,000,000.00 (Three Million Naira) drawn on account 0062144798 with account name Okipas Limited, domiciled in Diamond Bank Plc in favour of CAM Recovery Account of First Bank Plc as part payment,  which cheque when presented for payment was dishonoured on the ground that no sufficient funds was standing to your credit and thereby committed an offence contrary to Section 1(1)(a) and b of the Dishonoured Cheques (Offences)Act and punishable under section 1(1) (b) of the same Act."


The defendant pleaded not guilty to the charges when they were read to him.


In view of his plea, the prosecution counsel, Onyeka Ekweozor prayed the count to fix a date for trial and remand the defendant at the Correctional Centre. However, counsel to the defendant, P. K. Ederi pleaded with the court to grant his client bail, saying the offence was bailabĺe.


Justice Akpovi granted the defendant bail in the sum of N1milliion with one surety in like sum. The surety must swear to an affidavit of means and should reside within the jurisdiction of the court.

The case was adjourned till October 4 and 5, 2021 for trial.

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