The IGP prosecutes Nigerian businessmen over a N13.5 billion forex fraud involving a foreign victim. Learn about the allegations and ongoing trial in Abuja.
The Inspector-General of Police (IGP) has filed a lawsuit against a group of Nigerian businessmen accused of defrauding a foreigner of N13.5 billion through a fraudulent forex transaction. The case is currently being heard at the Federal High Court in Abuja.
Allegations of Fraud
The foreign victim, Alhaji Rafik Akar, was reportedly deceived by the defendants, including Victor Arinze, Yahaya Karimi, and three other individuals, during a Bureau de Change transaction in Abuja.
According to the IGP’s legal representative, Simon Lough (SAN), the accused conspired to obtain $38,260,000 from Rafik under false pretenses. The funds were allegedly deposited into the accounts of three companies: Pearson Nigeria Limited, Lasucess Limited, and Rainforest Ballroom.
Details of the Scheme
The police revealed that the defendants had misled Rafik into transferring the funds by claiming they had $38.26 million to exchange at a favorable rate of N353 per dollar. However, investigations showed that the defendants used the funds to acquire properties across Lagos, Abuja, and Delta states.
Fraudulent Proceeds Uncovered
Further investigations by the Nigerian Police, in collaboration with the Thailand Police, revealed that the $38.26 million the defendants promised Rafik was allegedly derived from fraudulent activities. The authorities claim this act was a deliberate attempt to conceal the illicit origins of the funds.
The defendants are now facing multiple charges, including conspiracy, fraud, and money laundering.
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