Court Remands Mompha in Prison Over Alleged N32.9bn Money Laundering

0
Photo Credit: EFCC

The Federal High Court in Lagos has ordered that suspected internet fraudster, Ismaila Mustapha, also known as Mompha, be kept in the custody of the Nigerian Correctional Services.

Justice Mohammed Liman gave the order on Monday after “Mompha” pleaded not guilty to the 14 charges of laundering N33 billion filed by the Economic and Financial Crimes Commission.

The court also fixed November 29 for the hearing of the bail application filed by the defendant.

The anti-graft agency alleged in the charge sheet signed by one of its counsels, Rotimi Oyedepo, that Mompha laundered the funds through a firm which was the second defendant – Ismalob Global Investment Ltd – between 2015 and 2018.

It claimed that the funds, domiciled in a commercial bank, were moved in tranches of N18,059,353,413 and N14,946,773,393.

The EFCC also claimed that both defendants, not being a financial institution or an authorised foreign exchange dealer, negotiated a foreign exchange transaction in the sum of N9.416 million, N20 million, N10,437,400, N10 million, N2.46 million, N10 million, N100 million, N61 million, N100 million, N40.7 million, and N42 million.

The funds were domiciled in the defendants’ commercial bank account.

In one of the counts, the anti-graft agency alleged that Mompha, “Between 2015 and 2018… procured Ismalob Global Investment Ltd to retain the aggregate sum of N18,059,353,413 in its account No. 5260000846 domiciled in Fidelity Bank Plc which sum you reasonably ought to have known formed part of the proceeds of unlawful act to wit: fraud.”

The first defendant was also alleged to have between 2015 and 2017, aided the company “to retain the aggregate sum of N 14,946,773,393.00 in its account No. 5260000846 domiciled in Fidelity Bank Plc from Pitacalize Ltd.”

ALSO READ   Court Declares Screening and Issuing Licences to PFN Pastors in Kaduna Illegal

Both actions, according to the EFCC, offend Sections 18(3) and 15(2)(d) of the Money Laundering Prohibition Act.2011 (as amended) and are punishable under section 15 (3) of the same Act.

Channels

Send your press release/articles to: info@dnlpartners.com . Follow us on Twitter at @Dnl_Legalstyle and Facebook at DNL Legal and Style



© Copyright DNL Legal & Style 2017.

This piece may only be copied on the condition that DNL Legal & Style is duly acknowledged in this manner: “Source: DNL Legal & Style. View the original

Leave a Reply