Justice Ibrahim Buba of a Federal High Court sitting in Ikoyi, Lagos has granted bail to the Managing Director of Virtual Xchange Limited,  Kennedy Kaycee in the sum of N15 million with one surety in like sum.

The court also declared that the surety must have a developed landed property in Lagos, and must exhibit three years tax clearance certificate before the court.

The police had instituted the charge against the defendant over alleged fraud to the tune of N25 million. Kaycee is standing trial on a two-count charge that touches on conspiracy and fraud.

The defendant was on July 2, 2014 arraigned before Justice Buba and had pleaded not guilty to the charge.

Prior to the court's decision, the prosecutor,
Effiong Asuquo had informed Justice Buba that the defendant  committed the alleged  offence sometime in June 2012. The prosecutor equally informed the court that the defendant conspired with two others said to be at large, to obtain the sum of N25 million from one Sunny Israel.

According to Asuquo, the defendant represented to the complainant that he (accused) would invest the alleged sum under a joint venture agreement, in Automotive Gasoline Oil (AGO) business. The prosecutor also stated that the defendant intimated the complainant that he would ensure a repayment of the capital to him, adding that all the representations made by the accused were discovered to be false, as he absconded with the money upon receipt.

Asuquo said the alleged offence offends the provisions of Sections 1(1) (a) (3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.