EFCC arrests radio host over N700m ponzi scheme
The Economic and Financial Crimes Commission (EFCC) says the commission is beaming its searchlight on fr@udsters who use real estate to laund£r money.
EFFC’s lawyer, Chris Mishela, disclosed this during a media workshop in Benin, Edo State.
He said many estates springing up in the country, especially in Abuja, are built with illicit funds.
According to him, “In Abuja, you see so many estates coming all over and we believe the source of this fund are unlawful funds. The funds are illegally gotten either from government or from international crime that is used to launder through estate business.
So, EFCC is actually working to look into that dimension and the new Money Laundering Act has provided an opening for the government to look into the aspect of real estate as we have seen under the Act.
Real estate is one of the designated and non-designated professions that are also under our obligation, under the establishment to do a full disclosure.
It is an investigation that is going on; not that we have identified any specific entity to these proceeds of crime, but we are working to unravel what those areas are.”
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