Home News MONEY LAUNDERING: EFCC Arraigns 3 Grown Adult For N34m Fraud

MONEY LAUNDERING: EFCC Arraigns 3 Grown Adult For N34m Fraud

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MONEY LAUNDERING: EFCC Arraigns 3 Grown Adult For N34m Fraud

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, on Monday, February 4, 2019, arraigned Kasumu Ademola, Salau Mikailu and Ganiyu Isola before Justice C.J. Aneke of the Federal High Court sitting in Ikoyi, Lagos on an eight-count charge bordering on money laundering, conversion and retaining of proceeds to the tune of N34, 000, 000 (Thirty Four Million naira) only.

They were arraigned alongside a stock brokerage firm, CSL Stock Brokers, following a complaint received by the Commission from the Nigerian Stock Exchange, NSE.

Investigation revealed that the defendants fraudulently carried out transaction on the shares of people who had died, and also cleared their dividend warrants.

Items found on the suspects at the point of arrest included dividend warrants and share certificates.

They pleaded “not guilty” to the charges.
In view of their pleas, the prosecuting counsel, Nnemeka Omewa, prayed the court for a trial date and also urged the court to remand the defendants in prison.

However, counsels to the defendants told the court about pending applications for bail on behalf of their clients and pleaded with the court to grant them bail in the most liberal terms.
Consequently, Justice Aneke adjourned the case to February 8, 2019 for hearing of the bail applications and commencement of trial.

Justice Aneke ordered that the defendants be remanded in prison pending the determination of their bail applications.

Full story on our website: www.efccnigeria.org and our Facebook page: www.facebook.com/officialefcc
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