The founder and CEO of Big-T Autos, Tochukwu Abel Edeh, has been arrested in the United States of America over alleged money laundering.
FBI arrests Nigerian car dealer for laundering Ponzi scheme funds in US
He allegedly operated an unlicensed business to launder proceeds of fraud.
The 31-year-old was arrested on September 2, 2021 and indicted in federal court in Boston on Thursday, September 30.
He allegedly operated an unlicensed money transmitting business to launder the proceeds of online investment fraud schemes.
The defendant allegedly conspired with others, in or around 2015, to launder and transmit proceeds of Ponzi-style investment fraud schemes based in Nigeria.
A statement by the U.S. Attorney's Office, District of Massachusetts, noted that investor funds were allegedly stolen, and proceeds laundered using his personal and business accounts, and a network of co-conspirators in the US.
"Edeh, along with his alleged co-conspirators, did not hold money transmitting licenses in their respective states of residents, nor were they registered as money transmitters as required by federal law," the statement read.
The defendant was indicted on one count of money laundering conspiracy, and one count of conspiracy to conduct an unlicensed money transmitting business.
He faces 20 years in prison for the money laundering charge, and five years for the transmitting charge.
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