EFCC arrests man for alleged investment fraud N26.6b in Lagos –

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On January 21, 2022, the Lagos Area Command of the Economic and Financial Crimes Commission indicted a Funmi Adenmosun before Judge Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on a charge of 10 counts. charge bordering on conspiracy and money laundering. of N26.6 billion.

He was arrested alongside two companies: Home Trust Savings and Loan Limited and Rare Properties and Development Limited.

One of the counts reads: “That you, FUNMI ADENMOSUN and HOME TRUST SAVINGS and LOAN LIMITED, and RARE PROPERTIES AND DEVELOPMENT LIMITED, in 2007 in Lagos, within the jurisdiction of this Honorable Court, conspired between you to convert the total sum of N26,600,000,000 (twenty-six million, six hundred million naira), which you reasonably should have known to be part of the proceeds of the fraudulent conversion of private placement proceeds raised to the public on behalf of Investment & Allied Assurance Plc and you have thereby committed an offense contrary to section 18(a) of the Prohibition of Money Laundering Act 2011, as amended, and punishable under pursuant to Article 15 (2) of the same law.”

Another count reads: “That you, FUNMI ADENMOSUN and HOME TRUST SAVINGS AND LOAN LIMITED, on or about November 8, 2007 at Lagos, within the jurisdiction of this Honorable Court, indirectly transferred the sum of N450 000,000.00 (Four Hundred and Fifty Million Naira) to Rare Properties and Development Limited, which you should reasonably have known to be part of the proceeds of the fraudulent conversion of funds raised from subscribers to the private placement made on behalf of Investment & Allied Assurance Plc and you have thereby committed an offense contrary to section 15(2)(b) of the Prohibition of Money Laundering Act 2011, as amended, and punishable under article 15 (2) of the same law.”

He pleaded not guilty to the charge when it was read to him.

In view of his plea, the prosecution lawyer, Rotimi Oyedepo, requested a trial date and also requested the court to commit the defendant to a correctional center.

However, the defendant’s attorney, Wale Adesokan (SAN), informed the court that a bail application dated January 13, 2022 had been filed and served on the prosecution.

He urged the Court to admit the accused on bail, assuring that “he will always take care of his case”.

Judge Osiagor granted the defendant bail in the amount of N250 million, with two sureties.

One of the sureties must be a level 15 federal or state department officer, while the other must be a relative of the defendant.

The judge further ordered that the defendant be taken into custody at the EFCC pending the perfection of his bail conditions.

The case was adjourned to March 3 and 4, 2022 for hearing.

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