EFCC Adjourns Sunil Vaswani’s N2bn Money Laundering Arraignment to July 21

At the resumed hearing today, the Economic and Financial Crimes Commission informed the Federal High Court in Lagos that Sunil Vaswani and his company, Stallion MG Automobiles Limited, failed to appear for arraignment. Justice Chukwujekwu Aneke then adjourned the matter to July 21 for all defendants to be formally charged. Vaswani—who is currently at large—and directors Harpreet Singh and Olalere Tajudeen face a 20-count charge of failing to report N655.35 million in transactions to the Special Control Unit Against Money Laundering (SCUML) between February and November 2023. In a separate 20-count charge, Stallion Auto Keke Limited and Olalere Tajudeen are accused of laundering N1.4055 billion via unreported deposits between November 2020 and December 2021. The EFCC says the offences breach sections 11(1)(b), 11(3) and 19(2)(b) of the Money Laundering Prohibition Act 2022.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.