EFCC Flags Housing Markets Linked To Fraud
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The Economic and Financial Crimes Commission has raised concern over a growing trend in which suspected fraudsters channel illicit funds into real estate to conceal the source of their wealth.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The agency said it has uncovered patterns showing that property purchases are being used to mask criminal proceeds.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Officials explained that large sums believed to be linked to internet scams and other financial crimes are often moved through land and housing transactions.
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According to the commission, such investments make it harder to trace stolen funds once they are converted into physical assets.
The anti-graft body noted that investigations have revealed networks of individuals and companies acting as fronts to acquire properties on behalf of suspects.
It warned that this method not only distorts the housing market but also strengthens organised crime.
The EFCC said it is tightening scrutiny around property deals and working with relevant agencies to track suspicious transactions.
It urged professionals in the real estate sector to carry out proper checks and report unusual payments as part of efforts to curb financial crime.
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