Forex trader docked for alleged N7.6million fraud in Kano State

The Economic and Financial Crimes Commission,(EFCC), has arraigned one Abubakar Ibrahim before the Federal High Court, sitting in Kano,  Kano State on a five count charge of money laundering, but the accused pleaded not guilty to the charges.

Penpushing reports that the defence counsel, H.A Hamza urged the court to admit the defendant to bail, while in view of his plea, prosecution counsel, Michael Ojo asked the court for a date to commence; that the accused person be remanded in the custody of the Nigerian Correctional Service.

” That you Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such capacity, sometimes in 2019 in Kano, Kano State within the jurisdiction of this Honorable Court did fail to declare the existence of your company with Special Control Unit Against Money Laundry (SCUML) before commencing business under the name Flexus Global Investment Limited and thereby committed an offence contrary to Section 5(1) (a) (i) and punishable under Section 5(6) (a) & (b) of Money Laundering (Prohibition) Act, 2011 (As Amended)’, one of the counts read.

The Head Media and Publicity of the anti-graft agency, Wilson Uwajeran in a statement said, the defendant who is promoter of Flexus Global Investment allegedly used the company which is not duly registered with the SCUML to engage in foreign exchange trading.

Penpushing further reports that, Uwajeran said the accused through one of his agents, Umar Kabir, allegedly obtained a total sum N7, 600,000.00 from the complainant with the promise of 30-35 percent monthly return on investment, adding that after investing the said sum the complainant neither received the promised interest nor get a refund of the sum invested.

The Judge, Justice Lewis Allagoa granted the defendant bail in the sum of N50, 000,000.00, with one surety in like sum, adding that the  surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court.

Meanwhile, the case has been adjourned till November 19, 2020 for trial.




Related Articles

Leave a Reply

Back to top button