SOUTH KOREAN POLICE SEEK ARREST WARRANT FOR HYBE CHAIRMAN BANG SI-HYUK OVER ALLEGED $100 MILLION INVESTOR FRAUD SCHEME. (PHOTO).

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 South Korean police seek arrest warrant for Hybe chairman Bang Si-Hyuk over alleged $100 million investor fraud scheme    South Korean police are seeking an arrest warrant for Bang Si-Hyuk, the billionaire music executive behind K-pop powerhouse Hybe and BTS, as part of an expanding investigation into allegations that he improperly benefited from an investor scheme involving more than $100 million. Authorities said they have asked prosecutors to pursue a court warrant for Bang’s arrest as they continue probing claims that he misled investors in 2019. Investigators allege he told investors that Hybe had no plans for an initial public offering, leading them to sell shares to a private equity fund. The company later went public, and police suspect a separate arrangement may have resulted in Bang receiving a substantial payout tied to post-IPO stock profits. Bang’s legal team has not directly addressed the specific allegations but said he has cooperated with investigators an...
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EFCC GOMBE ZONAL OFFICE RAIDED CAR DEALERS YESTERDAY.{PHOTOS}.

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     The Special Control Unit Against Money Laundering (SCUML) of the Economic and Financial Crimes Commission, EFCC Gombe Zonal office yesterday, August 30, 2018 raided two car dealers for non compliance with the provisions of Money Laundering (Prohibition) Act, 2011 (as amended) and the regulations of Designated Non- Financial Institution (Regulatory Manual) 2013 that regulates the activities of DNFIs.
The companies are HAMABB MOTORS NIG. LTD along Atiku Abubakar road, Jimeta Yola, Adamawa state and Halal Synergy Limited along Galadima Aminu Way, Jimeta. They belong to the duo of Abba Galadima and Mansur Abdurahman respectively. They were arrested in tje course of the operation.
Several efforts made by the SCUML officers from Gombe Zonal office by serving the companies with letters of notification for registration in June, 2016, as well as inspection and sensitation in July and November 2017 to register proved abortive.
Another observation letter was equally served to the companies sometime in 2017 to comply with the law but also yielded no results.
The Companies's actions violated the provisions of Section 3; Section 5 (a) & (b), Section 9 and 10 of Money Laundering ( Prohibition) Act, 2011 (as amended), as clearly stated in the observation letters issued to them.Their non compliance resulted to non registration with SCUML, non reporting transactions and accepting cash payment exceeding the threshold provided by law.More photos below.
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