Two persons, a banker a a bureau de change (BDC operator are under investigation by the Economic and Financial Crimes Commission (EFCC) over allegations of involvement in a $2.5 million fraud and money laundering scheme
The Benin Zonal Directorate of the EFCC said in a statement posted on its official X handle on Tuesday, June 9, that a banker, Masa Olumense, and a bureau de change (BDC) operator, Abdulkadir Muhammed Usman are being investigated for alleged money laundering as well as making and receiving cash payments far above the threshold permitted for individuals under Nigerian law.
It alleged that the duo made and received cash payments amounting to $2,598,900, equivalent to about N3.64 billion, without routing the transactions through any financial institution.
The agency said the alleged transactions contravened Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022, which regulates cash transactions and seeks to curb illicit financial flows.
“The duo were alleged to have made and received cash payments to the tune of $2,598,900 without going through a financial institution,” the EFCC stated.
The Commission added that investigations into the matter were ongoing and that it was tracking other individuals linked to the alleged fraud.
According to the agency, the additional suspects are currently at large, while efforts are being intensified to apprehend them and bring all those connected to the alleged offence to justice.
