EFCC Arraigns Lawyer For Alleged N1.3bn Forex Fraud

EFCC Arraigns Lawyer For Alleged N1.3bn Forex Fraud

The anti-graft agency said the defendant disguised as a bureau de change operator to defraud his victims of N1.3 billion.

By Aremu Adebayo

The Economic and Financial Crimes Commission (EFCC) has arraigned a lawyer for allegedly defrauding his victim of N1.3 billion.

The lawyer, Alexander Ozougwu is being prosecuted by the Uyo Zonal Command of the EFCC. The anti-graft agency arraigned the suspect at a Federal High Court in Uyo on 12 February.

In a statement on its website on Thursday, the Commission’s spokesperson, Dele Oyewale said the lawyer disguised as a registered bureau de change operator with the Central Bank of Nigeria to defraud his victims.

Mr Oyewale said the victims — four of them — alleged that upon presenting himself as a bureau de change operator, the suspect earned their trust and collected the passwords to their betting accounts and promised that he was going to help them fund their accounts, but ended up diverting their funds.

“Investigation into the allegations revealed that the defendant was operating a Ponzi scheme under the guise of exchanging dollars for his victims and channelling most of the funds to various betting platforms. A total of N1, 323, 850. 000. 00 was discovered to have been diverted from the accounts of the petitioners,” the anti-graft agency said.

Charges

The lawyer was arraigned on six charges of obtaining money by false pretence, an offfence, the EFCC said is in contravention of provisions of Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.

“That you Mr Ozougwu sometime in September 2024 in Nigeria, within the jurisdiction of this Honorable Court, did take possession of the total sum of N268,850,000 through a bank account with account name-starlight attorneys which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the Money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act.

“That you Mr Ozougwu sometime in July 2024 in Nigeria, within the jurisdiction of this court, did take possession of N213,000,000 through a bank account with account name- starlight attorneys which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act,” the EFCC said.

According to the EFCC, the defendant, pleaded not guilty, prompting the prosecution counsel, Joshua Abolarin to pray the court to remand him at a Correctional Centre, pending trial.

The defence counsel C. M. Onuchukwu, however, informed the court of a bail application which he said was filed on self-recognisance for the defendant, and also assured the court that he shall make himself available for trial, the anti-graft agency said.

After listening to both counsels, the judge granted the defendant bail in the sum of N500 million with two sureties in like sum.

“The sureties must be civil servants of grade level 12 and above and must have landed properties within the jurisdiction of the court. The court also ordered the defendant to deposit his international passport and two recent passport photographs with the court,” the EFCC said.