FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

Richard Marley
July 14, 2022
2 minutes read
636

The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two companies suspected of money laundering and tax evasion.

In November 2021, a source filed a complaint with the FIUL, alleging wire fraud and money laundering by Korlane Investment Limited Liability Company and its corporate owners.

As supported by the FIUL Act 2012, the FIUL initiated an analysis and preliminary investigation into the allegations reported.

Based on considerable suspicion of money laundering and the findings of preliminary investigations, a freeze order was placed on all the company’s accounts in Liberia, thus protecting alleged proceeds of crime pending the outcome of a full-scale investigation and subsequent criminal trial.

A full-scale investigation was then carried out into the allegation by Law Enforcement Authorities. The investigators found that Korlane Investment Limited Liability Company operated a shell company in Liberia without an office or staff, and opened and used its accounts in Liberia to launder, conceal and direct stolen funds generated through unusual transactions from wire fraud — a predicate to the crime of money laundering.

Further, the Investigators found that said ill-gotten funds were usually withdrawn by a foreign national named Patrick Hermann Diega Wahi, who comes to Liberia to effect withdrawal under the authority of Evgene Nikisuit, Korlane’s account holder.

As a result, in early January Korlane Investments Liberia Limited Liability Company and its corporate owners including Patrick Hermann Diega Wahi, Evgene Nikisuit, and others to be identified, were indicted by the Grand Jury for Montserrado County for the crimes of Money Laundering, Wire fraud, Theft of Property, and criminal conspiracy.

According to the FIUL, upon obtaining a writ of arrest by the Ministry of Justice (MoJ) for Patrick Hermann Diega Wahi, who had come to Liberia to withdraw the said proceeds, Wahi evaded being arrested and absconded from the bailiwick of the Republic of Liberia.

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In some cases, the scammers even seek money from the candidates in the name of background checks or certifications which directly cost them financial losses. In the US alone, users lost $86 million due to fake job opportunities posted on the internet.

Spotting the Signs of Recruitment Fraud

Recruitment fraud is the most unfortunate part of modern job hunting, where criminals prey upon candidates’ eagerness to find work for their living by creating scam job opportunities.

Here are a few signs that can help job seekers spot fraudulent elements during the recruitment process:

Legitimate hiring managers and employers never ask applicants to make any financial transaction in their personal or company account. Always say No to any person who is asking you to send money for any recruitment purpose.

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With transforming technologies, the overall market is growing to produce more job opportunities for interested candidates. As per the surveys, this number is expected to grow in the coming years, increasing recruitment fraud risks.

Through talent acquisition scams, criminals not only defraud job seekers but also damage the reputation of established companies. So it is in their higher interest to find and implement a credible solution that efficiently mitigates the risks of stolen identity or credentials.

Shufti Pro’s identity verification services present an ideal option to counter this problem through its advanced identification features, including document authentication, facial recognition and address verification.

Want to learn more about identity verification services for eliminating recruitment fraud?

Connect with a KYC Expert

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

How Much Have Australians Lost to Scams?

How do Online Recruiting Scams Work?

Spotting the Signs of Recruitment Fraud

High Profile Criminal Cases of Recruitment Fraud

1. Europol Arrested a Gang Involved in €20 Million Employment Fraud

2. Hampton Gang Member Convicted for Pandemic Employment Fraud

Talent Acquisition Fraud and the Role of Law Enforcement Authorities

1. FBI Issued Instructions to Avoid Employment Scam

2. UK Government – Raising Awareness of Employment Scams

How Shufti Pro can Help

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