9th December, 2010
Criminal charges of money laundering has been filed against a Lagos businessman,Â Frank Amah and his company Chyfrank Nigeria Plc by the Federal Government.
In a four-count criminal charge, it was alleged that Amah and Chyfrank Nigeria Plc,Â on 10 March, 2005, allegedly converted N94,800,000 from N102,400,000 fraudulentlyÂ obtained from one Donatus Duru, to purchase House 22, Thomas Avenue, Ikoyi, Lagos,Â Nigeria.
It was further alleged that Amah, same time and place, converted N1020,000 fromÂ N102,400,000 fraudulently obtained from Donatus Duru to purchase 300,000 units ofÂ IBTC Chartered Bank Plc shares in the name of Chukwu Amah.
The accused and his company were also alleged to have purchased the following:Â 300,000 shares of IBTC in the name of Stanley Amah; 300,000 units of Chartered BankÂ Plc shares now 240,000 units of IBTC Chartered Bank in the name of Ugonna StanleyÂ Amah with money they knew represented proceeds of crime with the aim of concealingÂ the nature of the proceed of the said crime.
The offence allegedly committed by the accused and his company is contrary to andÂ punishable under Section 14(i) of the Money Laundering Act.
The court has adjourned till January when the accused would be arraigned.