Home Finance Ismail Mustapha arraigns by EFCC over alleged money laundering

Ismail Mustapha arraigns by EFCC over alleged money laundering

by Business News Report

The Ikeja division of the Special Offences Court in Lagos has arraigned Ismail Mustapha popularly known as Mompha on Wednesday before Justice Mojisola Dada on offences bordering on money laundering and use of properties derived from unlawful acts. The Commission had announced Mompha’s re-arrest on Monday stating that he used his registered companies to receive illicit funds on behalf of cybercriminals (“yahoo yahoo” boys) from across the world in return for a commission. Mompha is standing trial with his company, Ismalob Global Investment Limited on an amended twenty-two-count charge bordering on cyber fraud and money laundering to the tune of N32.9 billion (Thirty-two Billion Nine Hundred Thousand Naira) brought against him by the EFCC.

According to the anti-graft agency, the investigation revealed a fraudulent transfer slip of $92, 412, 75 found in his iPhone 8 device. Mompha was arrested on October 18, 2019, after being on EFCC’s watchlist for a while. Officers of the Nigerian Immigration arrested him at the Nnamdi Azikiwe International Airport while boarding a flight to Dubai. On November 25, 2019, he was first arraigned alongside his company, Ismalob Ventures on a 14-count charge bordering on fraud, money laundering and running of a foreign exchange business without the authorisation of the Central Bank of Nigeria. Mompha pleaded “not guilty” to the charges against him and was granted bail in the sum of N100 million with one surety in like sum.

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