A Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to freeze 67 bank accounts linked to an alleged fraud case involving the sum of N52.9 million. The accounts, spread across multiple banks, were linked to Advance Development Services Engineering Limited (ADSEL), a customer of VFD Microfinance Bank Limited.
Justice Emeka Nwite granted the order after EFCC’s lawyer, Martha Babatunde, presented an ex-parte motion to the court. The court’s decision follows a petition submitted to the EFCC in October 2023, accusing Taiwo Abubakar Oluwajuwon and Heasy Enterprises of committing internet fraud and unauthorized withdrawals from ADSEL’s corporate account.
The EFCC had launched an investigation after ADSEL reported the fraud, revealing that N50 million was withdrawn from its account at VFD Microfinance Bank and transferred to an account held by Heasy Enterprises at Moniepoint Microfinance Bank. The investigation uncovered further transfers of the stolen funds to several individuals and accounts, leading to the request for the freeze order to prevent further dissipation of the illicit funds.
The motion was filed under the grounds that the funds in these accounts were proceeds of crime and that freezing the accounts was necessary to preserve the funds during the ongoing investigation. The 67 accounts are held across several major banks, including Union Bank, Zenith Bank, UBA, GTBank, and others.
Justice Nwite approved the EFCC’s request, setting an adjournment date for March 24, 2024, to review the progress of the investigation. The court emphasized the need to prevent further movement of the funds while the investigation continues.
The EFCC has vowed to continue its efforts to uncover the full extent of the fraud and bring the responsible individuals to justice.