For a purported fraudulent USDT purchase transaction by a suspect, Anthony Emeka Ibisi, the Federal High Court in Abuja has frozen around N178,750,000 held in eight Nigerian banks.
According to reports, Ibisi collected the said sum from Anikwe Ifeanyi under the guise that he was going to help purchase USDT. However, the transaction wasn’t consummated as promised and the High Court in Abuja has ordered the freeze of 8 accounts connected to the transaction.
According to the petition, in September 2023, the suspect, Ibisi, approached the petitioner and presented himself as an employee of Guaranty Trust Bank PLC. The suspect allegedly told Anikwe of his ability to help process foreign currency amounting to N178,750,000.00 through the official window of the bank for the petitioner’s partners outside Nigeria.
On January 17, 2024, the Economic and Financial Crimes Commission (EFCC) received a petition submitted by Patloma Partners on behalf of Mr Anikwe Ifeanyi against Anthony Emeka Ibisi, alleging fraud involving N178,750,000.00.
Mr. Anikwe Ifeanyi, who is a businessman working with Phlex Solutions Ltd reportedly paid N178,750,000.00 in various apportionments to the suspect’s company accounts in the identified banks. However, the suspect, Ibisi after receiving the funds failed to transfer the USDT equivalent to the petitioner’s partners outside Nigeria as agreed.
According to EFCC, all efforts to contact the suspect to either make refunds or deliver the agreed dollar equivalent failed. Additionally, EFCC stated that during a preliminary investigation into Ibisa’s statement of account, it was discovered that the suspect transferred various amounts of money into certain bank accounts allegedly linked to him.
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While the preliminary investigation is ongoing, the EFCC believed it needs to preserve the funds in the accounts to prevent a disappearance. The commission argues that if the funds are dispelled, subsequent court orders will be rendered useless if Ibisa is eventually found guilty and convicted after prosecution.
The motion filed says:
“It is in the interest of justice to grant the freezing order to preserve the said money, stem the trend of fraudulent practices in our society, and deny the suspect the opportunity to enjoy proceeds suspected to be from unlawful activity.”
Subsequently, the Federal High Court temporarily froze the eight bank accounts related to the USDT transactions. It is expected that those involved may file their respective processes for or against the freezing order.
Following a request by the EFCC Chairman, the account freezing order was made against Teehbiz Logistics, Ibisi Anthony Emeka, Ibisi Anthony, Stephixx Nigeria Limited, and Teehbiz Global Services Limited.
According to the motion ex parte, seen by Nairametrics was filed on August 19, 2024 and is marked FHC/ABJ/CS/1204/2024. Motion ex parte is an application where a party seeks a court order against others without notifying them in advance.
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At the resumed hearing yesterday, Barrister Muazu B. Bayara, the EFCC counsel urged the court to authorize the EFCC or an authorized officer of the Commission to direct the Managing Directors of the identified banks to freeze the accounts as per the affidavit.
He stressed that the court action is part of an investigation into criminal breach of trust and obtaining by pretences, and should remain in effect until the investigation is complete.
Justice Emeka Nwite while ruling on the motion, found the EFCC application creditable and granted it. He however added that the order would elapse after 90 days. Subsequently, the Federal High Court adjourned the case to November 26, 2024, for a report on the EFCC’s conclusion of the investigation.
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