Nwagalezi, 28, allegedly connived with one Okoli Nmesoma, who already facing trial, to execute the crime.
He is facing a four-count bordering on felony, unlawfully hacking into bank account and stealing, preferred against him by the police.
Police prosecutor, Inspector Jimoh Joseph, told the court that the defendant and others still at large committed the offence on April 27 at Igboelerin, Okokomaiko, Ojo, Lagos.
“Nwagalezi was arrested after several months of manhunt. His arrest brings the number of suspects arrested and charged to court to six. The Police are still hunting for more suspects involved in the alleged fraud.”
Nwagalezi, however, pleaded not guilty to the charge.
Magistrate B. I. Bakare granted him N1 million bail and adjourned the case till July 4.
He ordered that the defendant be remanded at the Ikoyi prison, pending when he is able to perfect his bail conditions.