The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has exposed an underhand dealings bordering on money laundering involving a female minister and a Managing Director of a bank.
Bawa who kept the minister and bank chief’s identities close to his chest, made this revelation in an interview he granted Sunrise Daily, a breakfast show on Channels Television on Tuesday where he said the real sector is being used to launder ill-gotten money instancing the case of an unnamed minister and a bank MD.
His world, “One of the problems we have in the country is the real estate. Ninety to 100 per cent of the resources are being laundered through the real estate. Of course, they are being regulated but they are not enough in terms of how they give their returns to the Special Control Unit.
“We investigated a matter in which a bank MD marketed a property to a minister and agreed to purchase it at $37.5m. The bank then sent a vehicle to her house to evacuate $20m from her house in the first instance.
“The bank succeeded to put it in their system and paid the developer and then a lawyer set up a special purpose vehicle where the title documents were transferred into and of course, he is posing as the owner of the house.
“Without the help of the banker, the minister couldn’t have imagined collecting $20m from anyone with opportunity from the real sector; she could not have thought of where to launder the proceeds of crime.”
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