Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Lamorde, has revealed that property acquisitions are fast becoming means of money laundering for fraudsters in the Federal Capital Territory (FCT).
Lamorde disclosed this during a courtesy visit to the Minister of the Federal Capital Territory, Bala Mohammed, in Abuja.
According to him, the Commission has uncovered money laundering schemes in the FCT in which the perpetrators disguised the proceeds of crime by investing in properties.
The EFCC boss said that the unscrupulous persons involved in the nefarious acts prefer to pay for their acquisitions with cash rather than purchase the properties with bank instruments.
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