Massive $200bn Fraud: Real Estate Firm "fighting" EFCC

A Dubai-based property developer, The First Group, has refuted its alleged involvement in a $200bn scam under investigation by the Economic and Financial Crimes Commission (EFCC).

The anti-corruption agency had reportedly said the firm was implicated in a real estate deal in which innocent Nigerians were defrauded of $200bn.

But TFG, in a statement, described the allegation as baseless. But what is their defence?

The statement read, “The First Group categorically denies the baseless allegation published by certain sections of the Nigerian press regarding its alleged involvement in money laundering or any other form of illegal business dealings in relation to its Nigerian clients.

“The TFG Real Estate, Limited fully abides by Nigeria’s anti-money laundering regulations.

“In line with this commitment, TFG Real Estate, Limited regularly files the required reports with the section of the Special Control Unit on Money Laundering division of the EFCC in Abuja.

“Furthermore, The First Group’s Dubai operations, which are indirectly implicated in these baseless allegations, are governed by UAE Federal Law, and in particular, the country’s antimony laundering laws, which rank among the world’s most robust.”

According to the firm, its clients are protected by the Dubai government’s “rigorous and world-class” real estate regulations designed to protect the interests of local and international investors in the “dynamic” property market.

“The First Group is fully transparent in its operations and has a proven track-record of delivering world-class developments in the United Arab Emirates over many years.

“Its priority is protecting the interests of its clients and generating strong returns on their investments while complying with all legal statutes in the markets in which it operates.

“In respect to the current media speculation, The First Group will explore all legal options to defend its commercial reputation in Nigeria.”

EFCC said the firm has collected Billions from several Nigerians with no property issued to them.