Thursday, 20 October 2016

Money laundering: NDLEA intercepts €325,640, $30,000

Money laundering: NDLEA intercepts €325,640, $30,000
Officials of the National Drug Law Enforcement Agency (NDLEA) have intercepted €325,640 as well as $30,000, about N175 million being smuggled from Greece and Austria.
The suspected laundered money concealed in envelopes and shoes were seized at the Murtala Muhammed International Airport (MMIA) Lagos during the inward screening of passengers on a Turkish Airline flight. Two suspects have been arrested in connection with the smuggled currencies.
NDLEA commander at the Lagos airport, Ahmadu Garba, said the money was found during routine search of passengers. “During the inward screening of passengers on a Turkish flight, we discovered €325,640 and $30,000.
“Two suspected passengers, Edos Nicholas found in possession of €279,190 and Hallowell Prince Lovely, found in possession of €46,450 and $30,000 were also apprehended,” Ahmadu said.
Muhammad Mustapha Abdallah, chairman/chief executive of the NDLEA, had directed the director of Assets and Financial Investigation of the Agency, Victoria Egbase, to take over the investigation.
According to Abdallah, “this is a suspected case of money laundering. Criminal groups seek to conceal the origin of illegally obtained money. It is pertinent therefore for us to trace the origin of the money and prevent the introduction of criminal funds into the economy. Consequently, I have directed that the case be meticulously investigated.”
Preliminary investigation reveals that both suspects are frequent travellers who are the target of International Drug Trafficking Organisation. Besides, their sources of income must be verified.


Culled from Business Day

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