EFCC Arraigns Executive Bank for Alleged Fraud $ 12 Million

The Economic and Financial Crime Commission (EFCC) on Friday, charged the Director of Implementing Suntrust Bank Limited, Halima Buba, for alleged $ 12 million fraud at the Federal High Court, Abuja.

Buba was charged with the Bank’s executive

Director/Head of Compliance Officers, Innocent Mbagwu, on charges of six money laundering counts.

The commission in a statement about its official X account, accused that both of them facilitated large cash transactions outside of financial institutions that were regulated to violate the law laundering (prevention and prohibition), 2022.

However, the defendants claimed to be innocent for the accusation.

After the request, the legal counsel, Rotimi Oysepo (San), asked the court to choose the date of the trial.

He said: “The prosecution is ready to continue with the trial.”

On his side. Defenders Advisor, JJ Usman (San), urged the court to enforce the existing guarantee application:

Judge Emeka Nwite gave a guarantee to the defendants in the number of N100 million each and each guarantee in the same amount.

He said: “Suretes must have a landing property in Abuja, where the details of the property will be stored in court.

“Suretes will also deposit their passports and two new passport photos with the court.”

“In addition, all documents provided by Surerties, including their residence, must be verified by the court before approval.”

The judge ordered that the defendants be returned to the correctional facilities while waiting for the fulfillment of their guarantee requirements and postponed the problem until July 17 and 18 for the continuation of the trial.