EFCC recovers N125m in land fraud, returns money to Lagos victims

The Economic and Financial Crimes Commission (EFCC) has recovered N125 million allegedly obtained through a land fraud and handed the money over to the victim in Lagos.
The Lagos Zonal Directorate 2 of the EFCC,  presented N125,000,000 to the victim, Akinsewa Akiode, in Sterling Bank drafts.
The recovery followed a petition submitted by Akiode, who alleged that Olufemi Omoola Fashehun defrauded him of N125 million under the pretext of selling him a 550-square-metre parcel of land at No. 10, Kudirat Abiola Way, Oregun, Lagos state.
The petitioner alleged that Fashehun concealed the existence of a pending court case over the property, which had been before the court since 2011.
The EFCC said investigation revealed that the suspect had been served with several court processes, including injunctions restraining him from carrying out construction on the property, but failed to disclose the development before collecting the purchase money.
Consequently, Akiode lost both the property and developments under construction on the land, prompting him to petition the commission.
Following the conclusion of its investigation, the EFCC recovered the N125 million from the suspect and restituted the funds to Akiode through Sterling Bank drafts.
Speaking during the handover, the Acting Zonal Director, Lagos Zonal Directorate 2, EFCC, Ikoyi, Lagos, Assistant Commander of the EFCC (ACE I), Bawa Usman Kaltungo, reiterated the commission’s commitment to investigating economic and financial crimes, recovering proceeds of crime and ensuring that victims of fraud are restituted whenever necessary.