The Nigeria Police Force Special Fraud Unit has cleared businessman Austin Albert and his affiliated firms of allegations of fraud linked to a $667,000 transaction following an extensive investigation.
The development was also affirmed by a judgment of the Federal High Court, which upheld the findings of investigators that no criminal wrongdoing was established against the businessman.
The probe, conducted by the Special Fraud Unit, reportedly began after authorities misinterpreted certain foreign exchange brokerage transactions carried out by Albert’s businesses.
However, investigators later concluded that the transactions were legitimate and not connected to fraud, money laundering or any other criminal activity.
According to documents filed before the court in suit number FHC/L/CS/586/2020, the police in an “Affidavit of Facts” stated that the alleged fraud involving $667,000 across several business accounts previously frozen for investigation could not be traced to any illicit activity.
The accounts had initially been restricted as part of the probe into the financial dealings.
Detectives handling the case also confirmed that Albert operates as a licensed financial broker and a registered Bureau De Change operator, noting that the transactions under scrutiny were carried out as part of his legitimate forex sourcing and sales for clients.
In an affidavit deposed to by Inspector Friday Shaibu of the Police Special Fraud Unit, the investigators stated that their findings did not establish any evidence of money laundering against the respondents.
The affidavit further indicated that the funds involved in the transactions could not be linked to any criminal activity.
The court later upheld the findings of the investigators.
In a ruling delivered on July 23, 2020, Justice A. Faji of the Federal High Court sitting in Lagos held that, based on the police investigation which cleared Albert and his company, Tasmara Integrated Services, there was no justification to continue restricting the affected accounts.
The judge consequently lifted the earlier order that had frozen the accounts during the investigation.
With the case resolved, Albert has since resumed focus on his business operations, particularly in the financial services and real estate sectors, where he continues to pursue new opportunities.
The businessman also reaffirmed his commitment to maintaining transparency and integrity in his professional engagements as he expands his ventures in Nigeria’s business environment.
