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EFCC Arraigns Unlicensed Bureau De Change For N998m Fraud
The Economic and Financial Crimes Commission, EFCC, has dragged a Bureau De Change (BDC) operator, Husaini Mohammed Auwal, before a Federal High Court, Abuja, over alleged N998,421,564 fraud.
Auwal was arraigned alongside his company, Humak Global Business Links before Justice J.O Abdulmalik on Monday on a six-count charge bordering on allegations of illegal financial transactions.
According to a statement shared by the EFCC on its official X handle, the defendant was arrested following a Suspicious Transaction Report (STR) of criminal conspiracy, money laundering and obtaining money by false pretence.
The commission said that Auwal’s company, between 2016 and 2017, carried out BDC businesses without a valid licence from the Central Bank of Nigeria, CBN, an offence that contravened Sections 57 and 59 (5) of the Banks and other Financial Institutions Act, 2020.
It also alleged that the defendants, on or about August 10, 2020, received a total inflow of N47,250,000 from Khadab Ventures and Trust Limited into Humak Global Business Link’s First City Monument Bank, FCMB, account number 4497159015 in excess of N10 million and failed to report same to the Nigerian Financial Intelligence Unit (NFIU), an offence under 11 (1) and (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC said the defendants pleaded not guilty to the charges, adding that the prosecutor, Deborah Ademu Eteh, asked the court for a trial date and for the defendant to be remanded in a Correctional facility.
The defence counsel, it said, called the attention of the court to an existing bail application and prayed the court to grant the defendant bail on liberal terms.
“Justice Abdulmalik adjourned the matter till February 23, for a hearing of bail application and March 21, 2024, for trial. She also ordered that the defendant be remanded in EFCC`s custody until the adjourned date,” the statement read.
Auwal was arrested by the EFCC following intelligence received by the Commission on April 28, 2022, from the Nigeria Financial Intelligence Unit, NFIU, which showed that the defendant was allegedly receiving huge wire transfers from diverse entities through his company`s account and would promptly transfer such funds to various accounts, violating the daily transfer threshold.
Again, the defendant was also allegedly operating a BDC without an appropriate licence.
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