CAB secures order that €875,000 in bank accounts are proceeds of crime

The Criminal Assets Bureau has secured orders that €875,000 held in bank accounts controlled by a man whom it claims is involved in money-laundering are the proceeds of crime.

CAB secures order that €875,000 in bank accounts are proceeds of crime

By Ann O'Loughlin

The Criminal Assets Bureau has secured orders that €875,000 held in bank accounts controlled by a man whom it claims is involved in money-laundering are the proceeds of crime.

CAB sought the orders in respect of monies held in respect of accounts held in several accounts belonging to Mr Adam Shina Muhammed, aged in his early 40s, with an address at Cherry Orchard Green, Ballyfermot, Dublin.

In her decision, Ms Justice Carmel Stewart said she was satisfied the monies in the accounts, held at different Irish-based financial institutions, are the proceeds of crime.

The accounts had previously been frozen following an application by CAB, represented by Jim Benson Bl, to the court.

Mr Muhammed did not formally oppose CAB's application, but in earlier proceedings where he sought and was refused legal aid, he had denied being involved in money-laundering.

He claimed the monies were loans for his business called Eirclean.

In her ruling, the Judge said there was no evidence before the court to support Mr Muhammed's claim.

The Judge noted evidence tendered by CAB including that large sums of money had been lodged into various accounts controlled by Mr Muhammed between May 2014 and November 2015.

The monies were transferred to the Irish based accounts from locations including Hong Kong, China, the USA and Nigeria.

CAB officers said a total of approximately €1.5m in several six figure sums was lodged in the Irish accounts.

Some of the monies were dissipated from the accounts.

By the time the freezing orders were obtained some €875,000 remained in the accounts.

The Judge said CAB officers had searched for details about Mr Muhammed's company in Ireland and abroad. It could find no records to show the company had been trading.

CAB said the firm had no business premises, no employee records and no returns with revenue. Searches abroad also failed to produce any records about the company Eirclean, the judge added.

In all the circumstances the Judge said she was satisfied to make an order under Section 3 of the 1996 Proceeds of Crime Act.

The Judge also appointed a receiver over the monies.

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