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Saturday, 12 November 2016

Money Laundering: EFCC arraign bank staff, one other for $1m fraud

The Economic and Financial Crimes Commission, EFCC, on Friday, November 11 , 2016 arraigned the duo of Sada Adamu and Babatunde Faro, an employee of Diamond Bank Plc before Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja on a 4-count charge of money laundering, false declaration of assets and fraud to the tune of $1million.
Adamu was alleged to have made cash payment of the said sum being an amount exceeding the stipulated N5million threshold payable cash by an individual according to law, to Faro. The offence is a breach of Section 1(a) of the Money Laundering Act, 2011 as amended and punishable under Section 15(2)(b) of the same Act. The accused persons pleaded not guilty when the charges were read to them.
In view of their plea, counsel to EFCC, S. A. Ugwuebulam, asked the court for a date to commence trial. However, W. Y. Maman and W. T. Iorshe representing Adamu and Faro respectively prayed the court to grant the accused persons bail pending trial. Opposing the motion, Ugwuebulam stated that:
"The offences border on money laundering and other financial transactions without licenses. I urge the court to discountenance the motion for bail and order speedy trial of the case".
Justice Dimgba, thereafter, adjourned to November 14, 2016 for ruling on the bail application and ordered the accused persons to be remanded in Kuje prison.

13 comments:

Uju Phil said...

Good for them biko...

NaijaDeltaBabe said...

Oh well


...merited happiness

livingstone chibuike said...

Una cup don full

Osunde Large said...

🇳🇬

Juliet Iwuno said...

Say whot! Linda take note!

Iphie Abraham said...

Hmmmmmm,lets wait and see







Lib addict#just passing#

Jamila Shaibu said...

Good

Eddy Ogbunambala said...

Good

Eleojo Blessing said...

Hmmm

Vivian Reginalds said...

Good
-D great anonymous now as Vivian Reginalds

Anonymous said...

I used to think food don't really matter but now I know better after drinking garri and groundnut for close to a week.I hope my 3months salary will be paid on Monday. Can anyone help me with 3000 naira to cook a meal and transport myself to work on Monday. Pls chiochio9014@yahoo.com thank you

Odibe Blessing said...

Nice one

OMONIYI JOSEPH ALABI said...

Faro you will be out from this mess IJN . God will guide u bro .He is a marketer not a banker

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