Court Jails BDC Operator Auwal Abdulrahman for Forex Fraud

An Abuja-based Bureau de Change (BDC) operator and Managing Director of Transvex Investment Limited, Mr Auwal Abdulrahman, has been convicted by Justice D.Z. Senchi of a Federal Capital Territory (FCT) High Court, sitting in Jabi.

The convict was sentenced to six months in prison with an option of N50,000 fine after pleading “guilty” to the one-count charge bordering on cheating and misappropriation brought against him by the Kaduna Zonal Office of the Economic and Financial Crimes Commission (EFCC).

Mr Abdulrahman was jailed on Thursday, 04 July 2019, with the court further ordering him to forfeit a two-bed room bungalow located at Amsabell Estate in Abuja to his victim as balance of his money.

It was gathered that one Mr Yasir Tijjani had petitioned the EFCC, alleging that sometime in December 2018, he entered into an agreement with Bani Mbaka Investment Company Limited to transfer the sum of N96 million to Transvex Investment Limited with the understanding that he was going to receive the equivalent sum of £200,000 within 48 hours.

However, upon receiving the Naira equivalent, the convict refused to pay either the N96 million or the pounds equivalent and all efforts to get the money back proved abortive, prompting Mr Tijjani to take the matter to the EFCC.

During his trial, the EFCC said in the charge sheet,“That you, Auwal Abdulrahman and Transvex Investment Limited, sometime in October 2018, in Abuja within the Jurisdiction of this Honourable Court, while operating a Bureau de Change business (Trading in Foreign Currency) and in such capacity entrusted with dominion over the sum of N96 million in exchange for £200,000 by one Alhaji Yasir Tijjani, misappropriated the sum of N17.629 million.”

The EFCC said the offence was contrary to Section 311 of the Penal Code Law Cap 89 Laws of Northern Nigeria 1963 and punishable under Section 312 of the same Law.

Counsel for the EFCC, Jamil Argungun, informed the court of a plea agreement entered with the commission and urged the court to accept same and convict him, accordingly.

Defence counsel, Ahmed Abdulrahman, pleaded with the court to temper justice with mercy as the convict was a first-time offender, and had many dependants.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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