Fadare was arrested and charged with fraud under the Criminal Code before Igbosere Magistrates’ court by the Special Fraud Unit, SFU.
According to PM News, Ondo State-born Fadare was arrested in his hideout after the police trailed him following a petition against him by one of the victims, Kehinde Ola.
According to police, Fadare allegedly conspired with Adeola Ajidahun and defrauded Kehinde Ola to the tune of N30m under the false pretence of selling some plots of land at the same resettlement in Lagos.
Ajidahun, who resides at 89, Karimu Laka Street, Egbeda area of Lagos, and Fadare allegedly brandished fake documents to convince Ola and later took him to the area in Lekki and showed him the parcels of land.
Ola, who did not suspect any foul play, paid for the land through his bank.Unknown to Ola, the land sold to him belonged to another family in the area.
P.M.NEWS also gathered that Ola was not the only person Ajidahun and Fadare allegedly defrauded over the land. Another victim, Tony Ezeoke, also lost over N10 million on the same land.
When Ola discovered the fraud, he petitioned Anti-Special Fraud Unit, SFU, and Ajidahun was first arrested and charged to court.
During investigation, the police also discovered that the suspects had allegedly swindled many other victims and was using Fadare as estate agent to defraud victims.
Fadare was arrested last week and charged to court with conspiracy, obtaining under false pretence and stealing under the Criminal Code.
The presiding Magistrate, Mrs A. O. Awogboro admitted Fadare on bail in the sum of N5m with two sureties in like sum.
The court also ordered that the sureties must provide evidence of tax payments for three years.
Fadare was remanded in prison custody at Ikoyi pending when he will perfect his bail condition.
The matter was adjourned till 3 February, 2016.