Dennis, who was a first-year business management student at the University of Leicester, told jurors he had been talking to Oladipo – who was in his third year at DMU – about money and “doing fraud”.
He said: “Khaleed initiated it – saying that there are ways you can make money, and with these methods you will gain large amounts of profit through it, through these websites.”
Dennis said he wanted to “make some profit”, so sent Oladipo £6,000 – from his savings and money his parents had given him – but did not get his money back.
The defendant said Oladipo gave him a Rolex watch. Dennis added: “He said that the watch is real and you will be able to sell it and make the money back from it.”
Dennis, the court heard, took the watch to a jewellers in Hatton Garden in Camden, London, and “was laughed at”.
“Two jewellers looked at the watch, they examined it and realised it was fake,” Dennis said.
“It made me feel a bit annoyed, bit kind of disappointed in Khaleed that he let me down.”
Dennis, who told the court he had a gambling addiction, said he threatened to expose Oladipo online as someone who “can’t be trusted” and a “bad businessman”.