Explainer: Two Main Reasons Why Obi Cubana Was Arrested by EFCC in Abuja
It is no longer news that Obinna Iyiegbu (a.k.a. Obi Cubana) was interrogated by Economic and Financial Crimes Commission (EFCC) officials in Abuja on Monday, November 1.
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Legit.ng gathered that the anti graft agency invited him for interrogation over two specific issues.
Source: Instagram
To make it clearer to readers, Legit.ng lists the two main reason why the socialite is answering questions from the EFCC.
Here is the two main reasons:
1. Money laundering
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2. Tax fraud
However, the EFCC is yet to give more details over these allegations against him but Legit.ng presents the specifics of the offence.
Money Laundering
This is a serious financial offence. This the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process "launders" it to make it look clean.
Tax fraud
Tax Fraud is another financial offence which occurs when an individual or business entity willfully and intentionally falsifies information on a tax return to limit the amount of tax liability. Or, a situation where someone illegally avoid paying taxes is an example of tax fraud.
Meanwhile, following his arrest, Nigerians on social media have reacted to the latest development.
While many people condemned the arrest of the socialite, others said that he should face the law i he is guilty of what he is being accused.
Christian Bekwele Worlu
"I said it. When I heard of Obi Cubana I told my wife that he has made a very big mistake. Nigeria Government led by Buhari doesn't like good things and they dislike to hear that the youths are doing well. I told my wife that before December he will be invited for questioning/Arrest."
God has been good to us: Obi Cubana, E-Money, others sing and dance on private jet as they gush over wealth
Recall that Legit.ng had reported that Obi Cubana, E-Money, KCEE, and others recently lit social media up with their celebratory videos as they sang and danced praises to God.
In clips shared on their different pages, the billionaire businessmen were all seen on a private jet eating, singing and dancing. The group of men sang only praise songs to God and appeared to be celebrating something big.
Taking to his social media page, Obi Cubana accompanied his video with a caption where he explained that it was pay day. According to him, it is how to behave when he wins with his brothers.
Source: Legit.ng
