Bizman Faces Money Laundering Charges - P.M. News

Bizman Faces Money Laundering Charges

dp_seal_trans_16x161033

Criminal charges of money laundering has been filed against a Lagos businessman,  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,  on 10 March, 2005, allegedly converted N94,800,000 from N102,400,000 fraudulently  obtained from one Donatus Duru, to purchase House 22, Thomas Avenue, Ikoyi, Lagos,  Nigeria.

It was further alleged that Amah, same time and place, converted N1020,000 from  N102,400,000 fraudulently obtained from Donatus Duru to purchase 300,000 units of  IBTC Chartered Bank Plc shares in the name of Chukwu Amah.

The accused and his company were also alleged to have purchased the following:  300,000 shares of IBTC in the name of Stanley Amah; 300,000 units of Chartered Bank  Plc shares now 240,000 units of IBTC Chartered Bank in the name of Ugonna Stanley  Amah with money they knew represented proceeds of crime with the aim of concealing  the nature of the proceed of the said crime.

The offence allegedly committed by the accused and his company is contrary to and  punishable under Section 14(i) of the Money Laundering Act.

The court has adjourned till January when the accused would be arraigned.

  Copyright protected by Digiprove © 2010 P.M.News