BDC Owner Docked for Using Client’s Foreign Account for Illicit Transfers

Ladipo Sanusi

A Nigerian lawyer, who practices in the US, Mrs. Iffy Morah, has told a Federal High Court, Lagos, how a Bureau De Change (DBC) operator, Kabir Sani, used her account with the Bank of America to wire alleged stolen funds totaling $400, 000 to America.

Sani, his two firms, Rikadawa Bureau De Change and Sultanoor BDC Limited, are standing trial before Justice Sule Hassan on charges bordering on conspiracy and obtaining money under false pretence.

In the charge marked, FHC/L/326c/2014, the Special Fraud Unit of the Nigeria Police alleged that the accused persons had, between October 2013 and April 2014, conspired among themselves to defraud the American-based lawyer, by fraudulently collecting from her the equivalent of $26,000 in naira under the pretence of remitting the money to her bank account in America.

Sani, together with two accomplices, Danjuma Abdul and Akintola Olasubomi, who are currently at large, were also accused of using his two BDCs to defraud the lawyer of a sum equivalent of $6000.

The offences, according to prosecutor, Inspector Azubike Sylvester, are contrary to and punishable under sections 1(1)(a),(3), and 8(a) and punishable under sections 10(a) and 3(1) of the Advance Fee Fraud and Other Related Offences Act, 2006.

All the accused persons had pleaded not guilty to the charges, when they were first arraigned.

The victim, while being led-in-evidence by the prosecutor, at the resumed hearing of the matter, on Friday, told the court that she came met Sani, who is the Managing Director of Rikadawa Bureau De Change and Sultanoor BDC Limited, through one Prince Okolie, when she needed someone that could help her transfer money to her account in America from Nigeria.

She told the court that she confirmed the genuineness of Sani’s company from the Central Bank of Nigeria (CBN) before dealing with him. She, subsequently, gave him the details of her foreign account.

The victim said, however, without her knowledge and permission, Sani gave out her account details with the Bank of America to the other accused persons, who began funding the account with stolen funds. She said on each occasion money was paid into her foreign account, she would pay the accused persons the naira equivalent in cash from her husband’s account with Ecobank.

She told the court that she did know about the illegal activities of the accused persons until her account was frozen by the Bank of America for fraudulent transfers.

She disclosed that the accused persons wired into her account a total sum of $76,000 between December 30, 2013 and February 12, 2014.

She said the accused persons made a particular transfer of a sum of $16000 to her account, on February 12, 2014, which was later found to have been stolen from a mentally incapacitated man.

She further told the court that because of the illegal act of the accused persons, the American government instituted both civil and criminal charges against her in New York and Houston, Texas.

She added that while the civil case had been decided, she is still facing the criminal charge for defrauding the mentally incapacitated man.

The matter has been adjourned till September 25 for continuation of trial.

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