The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has warned real estate managers across the country against involvement in money laundering, saying fraudsters are using property transactions to conceal proceeds of crime.

Olukoyede gave the warning when he received executives of the Association of Real Estate and Property Managers during a courtesy visit to the Benin Zonal Directorate of the commission on Wednesday.

A statement by the EFCC’s spokesman, Dele Oyewale said Olukoyede spoke through the Acting Zonal Director, Deputy Commander of the EFCC, Sa’ad Hanafi Sa’ad.

The EFCC boss said the commission had observed with concern that criminals were channelling illicit funds into real estate.

“We have noted with grave concern that fraudsters are laundering money and hiding proceeds of crime through real estate and property. People now defraud the government and individuals and invest in real estate,” he said.

He stated that the commission would continue to enforce its statutory mandate by prosecuting those who attempt to circumvent the law.

Olukoyede described real estate and property managers as Designated Non-Financial Businesses and Professions, urging them to uphold relevant rules and regulations in the discharge of their duties. He warned that the commission would apply the law in cases of breach.

The EFCC chairman assured the association of the commission’s readiness to collaborate in addressing fraud and criminality in the sector, noting that the agency has a Land and Property Fraud Section to handle such matters.

He said the association had taken steps to sanitise the sector but required support from law enforcement agencies.