A US-based Nigerian car dealer, Tochukwu Abel Edeh, has been arrested by the FBI over alleged money laundering.
Edeh who is the founder and CEO of Big-T Autos was indicted for “allegedly operating an unlicensed money transmitting business to launder the proceeds of online investment fraud schemes.”
According to the US Justice Department, Edeh who lived in Jacksonville, Florida and was arrested on September 2.
The defendant was indicted on one count of money laundering conspiracy, and one count of conspiracy to conduct an unlicensed money transmitting business.
He was indicted in federal court in Boston on Thursday, September 30 for conspiring with others to launder and transmit proceeds of Ponzi-style investment fraud schemes based in Nigeria.
The stolen investor funds were laundered using Edeh's personal and business accounts, and a network of co-conspirators in the US, the U.S. Attorney's Office, District of Massachusetts said in a statement.
"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.
He faces 20 years in prison for the money laundering charge, and five years for the transmitting charge.