EFCC Accuses Stallion Group Executives of Laundering ₦2.06bn
The Economic and Financial Crimes Commission alleges that Sunil Vaswani, Harpreet Singh and Olalere Tajudeen laundered ₦2.06bn through Stallion MG Automobiles and Stallion Auto Keke. They reportedly made multiple high-value cash deposits without notifying the Special Control Unit Against Money Laundering (SCUML). One count states that between February 14 and November 29, 2023, the executives lodged ₦655.35m into a Providus Bank account without the required disclosure. Another charge involves ₦1.405bn moved between November 2020 and December 2021 under similar circumstances. The EFCC says these acts breach the Money Laundering (Prohibition) Act, 2022. The alleged offences occurred from November 2022 to February 2024. Efforts to arraign the accused at the Federal High Court in Lagos were stalled when they failed to appear. The judge adjourned the arraignment to July 21.
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