Bankole, 43, who resides at 12, Olorunda, Iyana Coker in Ifo, Ogun State, is facing a three-count charge of conspiracy, fraud and stealing before an Ebute Meta Magistrate Court, Lagos.
He allegedly collected the money on the pretext that he could avert impending deaths of the businessman’s wife and child.
The prosecutor, Insp. Frank Inah, told the court that the accused committed the offences sometime between April 13 and August 15 in Ojokoro area of Lagos.
He said the accused conspired with others still at large to defraud Mr. Tosin Jacob.
Inah said: “The accused collected the money with a promise to use spiritual powers to avert the `tragedy.’
“He threatened that if nothing was done in three months, the wife and child would die,” but disappeared after collecting the money.