See Two Diamond Bank Employees Arrested for $1million Money Laundering (Photos)

The Economic and Financial Crimes commission has arrested and arraigned two employees of Diamond Bank Plc for a $1million money laundering crime.

One of the two Diamond Bank staff charged with money laundering offence

 

Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja on Monday, November 14, 2016 admitted one Sada Adamu and Babatunde Faro, an employee of Diamond Bank Plc to bail on a 4-count of money laundering preferred against them by the Economic and Financial Crimes Commission, EFCC.

 

Arraigned on Friday, November 11, 2016, Adamu was alleged to have made cash payment of $1million being an amount exceeding the stipulated N5million threshold payable cash by an individual according to law, to Faro.

 

The offence is a breach of Section 1(a) of the Money Laundering Act, 2011 as amended and punishable under Section 15 (2) (b) of the same Act.

 

Moving the bail application today, W. Y. Maman and W. T. Iorshe representing Adamu and Faro respectively, prayed the court to grant the accused persons bail on liberal terms adding that they would always be available for trial.

 

 

However, Ugwuebulam stated that, “the offences border on money laundering and other financial transactions without licenses. He urged the court to exercise its discretion judicially and judiciously.

 

In his ruling, Justice Dimgba admitted the accused persons to bail in the sum of N10million each with two sureties in like sum. The money is to be forfeited to the Federal Government in the event the defendants abscond. The sureties, who must be civil servants must not below GL 13. The sureties must own properties in the FCT or in the satellite towns in Lagos. The defendants must also deposit their travel documents with the court registrar.

 

 

Meanwhile, the defendants are to be remanded in Kuje prison custody until their bail terms are met. The case has been adjourned to January 23 and 24, 2017 for hearing.