Court grants N200m bail to female executive arraigned by EFCC for laundering $600,000

Group Managing Director of Brass Engineering and Construction Nigeria Limited, Egwuche Gladys. Credit: X | EFCC

The Enugu Zonal Directorate of the Economic and Financial Crimes Commission has arraigned the Group Managing Director of Brass Engineering and Construction Nigeria Limited, Egwuche Gladys, over an alleged $600,000 fraud.

In a post shared via X.com on Friday, the EFCC said Gladys was arraigned before Justice F. O. Giwa-Ogunbanjo of the Federal High Court, Independence Layout, Enugu, alongside her company on a 12-count charge bordering on money laundering.

According to the charge sheet, the defendant and her company allegedly accepted cash payments of $50,000 in 12 tranches between March 13 and April 11, 2023, totalling $600,000, without passing the funds through a financial institution in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

Count one of the charges reads, “Brass Engineering and Construction Nigeria Limited and Mrs. Egwuche Chinyere Gladys… accepted cash payment of $50,000… being part payment for a 180220TPH Granite Stone Crushing Line you sold to Patan Nigeria Ltd and Reinforce Global Resources Ltd (JV) which exceeded the statutory required threshold of N10,000,000.00… without passing through a financial institution.”