The Economic and Financial Crimes Commission (EFCC) has accused prominent businessman Sunil Vaswani, Chairman of Stallion Group, along with Harpreet Singh and Olalere Tajudeen, of laundering a total of ₦2.06 billion in violation of Nigeria’s anti-money laundering laws.
According to the anti-graft agency, the trio allegedly used two companies — Stallion MG Automobiles Limited and Stallion Auto Keke Limited — to carry out massive cash transactions without declaring them to the Special Control Unit Against Money Laundering (SCUML), as required by law.
The alleged offences span from November 2022 to February 2024, involving structured deposits running into billions of naira.
One of the charges claims that between February 14 and November 29, 2023, Vaswani, the two companies, Singh, and Tajudeen failed to notify SCUML before depositing ₦655.35 million into a Providus Bank account.
In a separate charge, Stallion Auto Keke Limited and Tajudeen are accused of similar breaches involving ₦1.405 billion between November 2020 and December 2021.
These actions are said to contravene the Money Laundering (Prohibition) Act, 2022.
The defendants were expected to be arraigned today at the Federal High Court in Lagos, but the proceedings were stalled as none of them appeared in court. EFCC lawyer Henry O. Anaso told the court that all efforts to secure their presence failed, leading to a request for adjournment.
Justice Chukwujekwu Aneke granted the adjournment and fixed July 21, 2026 for the arraignment.
This case highlights the EFCC’s continued crackdown on high-profile financial crimes and the persistent challenge of ensuring compliance with anti-money laundering rules in Nigeria’s corporate sector.
More updates to follow.