DSS is investigating Emefiele, Olam International for $50 Billion in economic fraud.

    The Department of State Services (DSS) is currently conducting an extensive investigation into a significant economic fraud case involving Olam Nigeria Limited, Olam International, and their nine subsidiary companies, amounting to an astonishing sum exceeding $50 billion.

    READ MORE NEWS: Naijaecho.com.ng

    Over the course of several years, dating back to 2015, the company, operating through its Special Purpose Vehicles (SPVs), recorded approximately $34 billion as capital importation with the Central Bank of Nigeria (CBN) at the official exchange rates. Instead of legitimately investing these funds into the Nigerian economy, it has come to light that the company engaged in round-trip foreign exchange activities, selling these forex reserves to various business entities, notably oil and gas marketers and industrial firms like Indorama and Fouani, at parallel market rates.

    Investigations have revealed that Olam consistently directed forex buyers to deposit the equivalent amount in naira into the accounts of one or more of its SPVs during this period. It’s important to note that some of these subsidiary companies have fictitious Nigerian directors, but the accounts are exclusively managed by Indian expatriates, some of whom are stationed in Europe and Asia.

    As the DSS delves deeper into its inquiry regarding the foreign exchange fraud, it is also scrutinizing transactions related to the anchor-borrower scheme that occurred during the tenure of the suspended Central Bank of Nigeria Governor, Godwin Emefiele. Additionally, security agencies have detected a network of shell companies with connections to Olam. It has been discovered that funds were transferred into accounts controlled by Aminu Yaro, who is considered one of the proxies for the embattled CBN governor. Mr. Yaro, previously investigated by the Economic and Financial Crimes Commission (EFCC), has been held in DSS custody since July 12.

    In connection with the investigation, the DSS has summoned several expatriates, including Ashish Pande, the Managing Director/CEO of Olam Nigeria Limited, and key officers of the company, namely Prakash Kanth, Sudhir Goenka, Niraj Shah, Chandrasekran Balaji, and Venkataramani Srivathshan. The Chief Financial Officer of Crown Flour Mill Limited, Rajeesh Damodaram Valagulam, has also been summoned for questioning. Crown Flour Mill Limited is identified as one of Olam’s significant subsidiaries in Nigeria.

    Insider reports suggest that Olam Nigeria Limited and its subsidiaries played a pivotal role as major foreign exchange speculators, contributing significantly to the depreciation of the Nigerian currency, the naira.

    Visit: Naijaecho.com.ng to Read More NEWS.