Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission have quizzing the duo of Abdulkadir Muhammed Usman, a bureau de change operator and a banker, Masa Olumense, for alleged money laundering and making and receiving cash payment in excess of the stipulated threshold for individuals.
The duo were alleged to have made and received cash payments to the tune of $2,598,900 (Two million, Five hundred and Ninety Eight Thousand, Nine Hundred Dollars) which is an equivalent of about N3,638,460,000 (Three Billion, Six Hundred and Thirty Eight Million, Four Hundred and Sixty Thousand Naira ) without going through a financial institution which is contrary to Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The Commission is on the trail of other suspects linked to the fraud who are currently at large.