Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have interrogated a banker, Masa Olumense, and a bureau de change (BDC) operator, Abdulkadir Muhammed Usman, over their alleged involvement in a $2.5 million fraud and money laundering scheme. The anti-graft agency disclosed this in a……
Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have interrogated a banker, Masa Olumense, and a bureau de change (BDC) operator, Abdulkadir Muhammed Usman, over their alleged involvement in a $2.5 million fraud and money laundering scheme.
The anti-graft agency disclosed this in a statement posted on its official X handle on Tuesday, June 9.
According to the EFCC, the suspects 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.
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The Commission 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.
