Court jails fake bureau de change operator over $169,350 scam

A Federal High Court in Port Harcourt, Rivers State has sentenced a fake bureau de change operator, Felix Chiwendu to two years imprisonment, having pleaded guilty to the offence of obtaining money under false pretences

Penpushing reports that the convict was prosecuted by the Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Command, an offence said, to  contravene Section 57 (1) of Banks and other Financial Institutions Act, 2020 and punishable under Section 57 (5) (b) (i) (ii) & (iii) of the same Act.

The Economic and Financial Crimes Commission (EFCC) said, a case of illegal operation of a bureau de change and obtaining money under false pretences was reported to the commission by the victim in 2016.

Penpushing further reports that the anti-graft agency said the victim engaged the services of the convict to remit the sum of $300,000, an equivalent of N95, 400,000 at an exchange rate of N318 to a dollar, for the purchase of Aluminum Coil.

The Economic and Financial Crimes Commission (EFCC) said the convict transferred only $130,650 being the naira equivalent of N41, 546,700 only to their Chinese counterpart, leaving a balance of $169,350 an equivalent of N53, 853, 000.

Penpushing also reports that the  statement contained in a Facebook by the anti-corruption agency stated that the convict did not have the license to carry out banking services, and that the victim made unsuccessful effort to get back his money.

Meanwhile, the judge Justice E.A. Obile in his judgement, however, sentenced Chiwendu to jail after he pleaded guilty to the offence, while he has an option of paying N1 million fine.

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