EFCC Quizzes Bureau De Change Operator, Banker Over Alleged $2.5m Money Laundering
Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission have interrogated two suspects over alleged money laundering and cash transactions above the legal threshold.
The suspects, identified as Abdulkadir Muhammed Usman, a bureau de change operator, and Masa Olumense, a banker, are being investigated for allegedly making and receiving cash payments without passing through a financial institution.
They are alleged to have handled cash transactions totaling $2,598,900, equivalent to about ₦3.63 billion, in violation of Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the anti-graft agency, the transactions were carried out outside the formal banking system, raising concerns over compliance with financial regulations and anti-money laundering provisions.
The EFCC further disclosed that investigations are ongoing and that other individuals linked to the alleged fraud are currently at large.
The Commission said efforts are underway to track and apprehend the fleeing suspects as part of its broader crackdown on illicit financial flows and economic crimes.
EFCC Quizzes Bureau De Change Operator, Banker Over Alleged $2.5m Money Laundering