By Innocent Anaba
LAGOS — Following a comprehensive and exhaustive investigation by the Nigeria Police Force Special Fraud Unit, SFU, and subsequent ruling by a Federal High Court, Mr. Austin Albert and his associated firms have been exonerated of all allegations of fraud regarding a $667,000 transaction.
The investigation, which initially stemmed from a misinterpretation of legitimate foreign exchange (forex) brokerage activities, was concluded with a definitive report from the Special Fraud Unit, stating that no criminal activity, money laundering, or fraud was established.
Key findings & legal exoneration: *Clearance of fraud allegations: The Police SFU’s “Affidavit of Facts” filed before the Federal High Court in suit No: FHC/L/CS/586/2020, confirmed that the alleged fraud involving the sum of $667, 000 across key business accounts which were frozen for the purpose of this investigation could not be linked to any money laundering or any criminal activity, including terrorism, corruption, fraud etc.
*Legitimacy of business: Investigative detectives verified that Mr. Albert is a licensed financial broker and Bureau De Change operator. The transactions in question were found to be legitimate forex sourcing and sales for his clients.
According to excerpts from the affidavit sworn by Friday Shaibu, Inspector/Detective, Police Special Fraud Units, “Our investigation did not establish a case of money laundering against the respondents, none of the funds could be traced to any criminal activity.
“That our Investigation revealed that the 2nd respondent herein (Mr. Albert Ugochukwu) is a financial broker and a licensed Bureau De Change Operator, using the accounts in question and others, to source forex from various people and subsequently sold same to interested buyers who constitute his customers.”
Judicial exoneration
On July 23, 2020, Justice A. Faji of a Federal High Court sitting in Lagos, established that in line with the investigative police report that cleared Albert, Tasmara Integrated Services, and his other businesses, there was no longer a need for the order to restrict his accounts, and lifted the restrictions placed by the previous order.
A new chapter: Resilience and growth
Having cleared his name through the highest legal and regulatory channels, Albert has since moved forward with a renewed focus on his diverse business interests where he continues to thrive and contribute his quota to the Nigerian Financial Service and Real Estate Sectors.
This exoneration marked the end of a long journey toward justice. Mr. Albert remains committed to the principles of integrity and transparency that have defined his professional and entrepreneurial career.
He is currently focused on expanding his operations and driving innovation in the Nigerian business landscape, undeterred by past misconceptions that have now been legally and officially settled.
Source: Vanguard News