Owner of a music outfit based in Lagos State, CashNation Entertainment Limited, Mr Oyerinde Babatunde Abidoun, has been arrested by officials of the Economic and Financial Crimes Commission (EFCC).

A statement from the anti-money laundering agency disclosed that suspect, also known as Kashy, was apprehended in connection with an alleged internet fraud.
In the disclosure, the EFCC said the record label owner was allegedly involved in cybercrimes and in order to quiz him and prosecute him if found guilty, he was picked up by its operatives.

It was further disclosed that Kashy was arrested at his residence in Lekki Conservative Estate, Lagos after intelligence gathered overtime about his “suspicious lifestyle.”
“Abiodun, who shuttles between Nigeria and the United Arab Emirates, UAE, allegedly used the proceeds of his fraudulent activities to fund his lavish lifestyle,” the EFCC claimed.

“Investigations linked his fraudulent activities to his domestic staff, Thomas Aliu Akwu, who confessed to having different accounts domiciled in UBA, Ecobank, GTB, Zenith Bank and FCMB and also receiving money for his boss through the accounts,” it further claimed.

According to the press statement issued by the EFCC on Monday by its Media and Publicity department, some items were seized from his residence when he was apprehended.

“Items recovered from the suspect at the point of arrest include a white 2013 Bentley Continental and Mercedes Benz GLK 350.

“The suspect will soon be charged to court as soon as investigations are concluded,” the statement said.

Findings by Business Post showed that CashNation boasts of a fast-rising music artiste on its belt, Barry Jhay, who released a popular single, Aiye, in 2018 and won City People Music Award for Best New Act of the Year.

In its profile, the music label, which has offices in the United Kingdom and Dubai, said on its website that, “Like many great stories, this one started with an idea, with the enthusiasm and with the work. We are now an international company, with an in-house recording studio, in-house graphic design and in-house mastering.”

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