SAN FRANCISCO, October 23, (THEWILL) – The Economic and Financial Crimes Commission, EFCC, Wednesday arraigned
a fake foreign currency dealer, Titilayo Eboh before Justice M. L.
Abubakar of the Federal High Court sitting in Port Harcourt, Rivers
State.
She was arraigned on five- counts bordering on running a banking
business without a licence and obtaining money by false pretence
contrary to Section 1(2) of the Banks and Other Financial Institutions
Act, Laws of the Federation of Nigeria, 2014.
One of the charges reads: “That you Titilayo Eboh while a director in
Lexantech Bureau De Change,BDC, on or about the 25th of May 2018 at Port
Harcourt within the jurisdiction of this honourable court failed to
report a transaction of N238 million conducted by your company to the
Economic and Financial Crimes Commission and thereby committed on
offence contrary to Section 10 (1) and punishable under Section 16(2)(b)
of the Money Laundering (Prohibition) Act, 2011 (as amended).
The defendant pleaded not guilty to the charges preferred against her.
In view of her plea, prosecuting counsel, M. T. Iko prayed the court to
fix a date for commencement of trial. Counsel to the defendant, D. L.
Davis however informed the court of a pending application for the bail
of his client.
Justice Abubakar ordered that the defendant be remanded in prison
custody while the matter was adjourned to Monday October 28, 2019 for
hearing of bail application.
Eboh’s troubles started when a petitioner alleged that, sometime in
April 2018, in the course of his real estate development business, he
got introduced to the defendant, who presented herself as a currency
trader with specialty in buying and selling of US Dollars from the
Central Bank of Nigeria.
The petitioner alleged that the defendant wooed her victims to invest in
her business with the promise of attractive return on their investments.
Eboh allegedly convinced the petitioner to invest an initial $200,
000(Two Hundred Thousand American Dollars) in her business. And, within
one week, she allegedly paid the return as promised.
This spurred the defendant into investing $2,000,000 (Two Million
American Dollars) with the promise of getting a return of N40, 000,000
(Forty Million Naira) per week. The defendant allegedly rendered the
return for two weeks and absconded afterwards.
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