A man who allegly induced another individual to put money in an investment scheme he had been running, was granted $5 million bail in the Corporate Area Resident Magistrate's Court yesterday.

Charged with fraudulently inducing persons to invest money, engaging in the business of securities and operating a securities dealer without a licence is farmer John Cameron, who was fingerprinted.

The Crown has alleged that, sometime in 2007, Cameron allegedly used a complainant to invest money in his investment scheme, amounting to US$200,000 ($20.4 million).

On September 7 of that year, the complainant withdrew $1,050,000 from his personal bank account and allegedly deposited same in Cameron's personal bank account.

The Crown further alleged that the complainant had not received any principal on his money during this time. Attempts to contact the accused proved futile. A report was then made to the police and Cameron was charged.

In court, the attorney representing Cameron told Senior Resident Magistrate Judith Pusey that her client had remained at his address at which the police had picked him up.

She also told the magistrate her client has vigorously challenges the allegations levelled against him and that there was no connection between the $1,050, 000 and the US$200,000.

Senior Resident Magistrate Judith Pusey offered the accused bail with reporting conditions in place at the Mandeville Police Station. He is also to surrender his travel documents.