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Court Grants EFCC Order To  Freeze 1,146 Accounts Over Forex Manipulation Allegations

Justice Emeka Nwite of the Federal High Court Abuja has granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze 1,146 bank accounts connected to individuals and companies.

PLATFORM TIMES gathered that the affected accounts were under investigation for alleged unauthorised dealing in forex exchange, money laundering, and terrorism financing.

PLATFORM TIMES  further gathered that the  order, issued on Wednesday,  made in response to a motion by EFCC counsel Ekele Iheanacho, stressing  the seriousness of the allegations and  the necessity to freeze the accounts “pending conclusion of investigation.” 

This freeze, set for a duration of 90 days, aims to prevent further illicit activities and preserve the funds for potential prosecution.

Of particular concern are accounts linked to individuals exploiting virtual cryptocurrency exchanges to manipulate the value of the naira and launder proceeds from unlawful activities. 

According to EFCC Head of Media and Publicity, Dele Oyewale, preliminary investigations suggest a significant connection between these accounts and illicit financial activities.

Justice Nwite has fixed  July 23, 2024, to further address the matter.

 The affected entities span various sectors, including agri-businesses, logistics, microfinance banks, and engineering, highlighting the widespread nature of the alleged offenses.

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