A Federal High Court sitting in Lagos has ordered the remand of a businessman, Adesiyan Kayode Olayinka, over his alleged involvement in a N230 million foreign exchange investment fraud reportedly carried out using Artificial Intelligence-generated images of a prominent political figure.
The remand order was issued on Wednesday by Justice Chukwujekwu Aneke after the defendant was arraigned on a six-count charge filed by the Federal Government, bordering on conspiracy, fraud, false representation and stealing.
Olayinka pleaded not guilty when the charges were read to him in open court.
The prosecution thereafter requested a trial date and asked the court to keep the defendant in custody pending the determination of the case.
Defence counsel, however, informed the court that a bail application had already been submitted and served on the prosecution, urging the judge to grant the defendant bail while awaiting trial.
The prosecution did not oppose the request but sought an early hearing date.
Delivering a brief ruling, the court directed that the defendant be held at the Ikoyi Correctional Centre and fixed February 25, 2026, for a decision on the bail application.
Court documents alleged that the offences were committed between July and October 2025 at addresses located on Sule Street in the Mangoro area of Ikeja, Lagos, where the suspect allegedly operated with accomplices still at large.
The prosecution claimed the defendant deployed AI technology to create and circulate manipulated promotional materials suggesting that a well-known political personality endorsed or benefited from a forex investment platform identified as Modmut International.
He was further accused of obtaining N230 million from an investor, Mr Fredrick Amaechi, through multiple bank accounts under the pretext of forex trading and later diverting the funds for personal use without carrying out any legitimate investment activities.
