FCC Auctions Luxury Vehicles to Recover Public Funds by June 30

The Financial Crimes Commission (FCC) of the country is putting sixteen luxury vehicles up for sale to turn illicit assets into public money. The sale includes brands like BMW, Mercedes-Benz, Audi, Land Rover, and a Nissan Skyline.

One notable car is a Nissan Skyline seized during an investigation into drug trafficking.

It belonged to Ricardo Agathe, known as “Ti-Pom,” who has been arrested multiple times for heroin possession and money laundering. Authorities believe he hid his assets, including cars, under false names.

The FCC has issued a sealed bid process for the sale of these cars, which will be sold “as is” and “where they are,” with no guarantees. The deadline to submit bids is Monday, June 30.

This auction is part of the government’s effort to fight illicit wealth. Since the introduction of Unexplained Wealth Orders (UWOs) under the 2023 Financial Crimes Commission Act, the FCC can seize and sell assets whose lawful origin cannot be proven.

Lawyer Numresh Dreepaul explained, “Once a UWO is issued, the property becomes the property of the state, and the FCC can take possession immediately, regardless of who previously owned it.”

The process is strictly regulated. According to Article 121 of the law, the FCC can only sell seized assets with the court’s approval.

Without court approval, selling would be considered unconstitutional seizure without compensation.

Additionally, anyone involved in the case or acting on behalf of the owner cannot buy the assets.

Proceeds from these sales go into the Recovered Assets Fund, a special account used to cover costs related to seizure, storage, sale, and legal procedures.

Lawyer Dreepaul emphasized, “The law ensures transparency; sales are public and funds are traceable.”

People affected by UWOs have legal options, including appealing to the Judicial Committee of the Privy Council, but only with the proper authorization.

Source: Defi Media