The Economic and Financial Crimes Commission (EFCC) has launched an investigation into shady dealings of tax fraud of foremost and popular gambling tycoon, Kessington Adebutu, better known as baba Ijebu, PREMIUM TIMES understands.

According to PREMIUM TIMES, one of the sons of the octogenarian and top official of the the gambling company, Segun Adebutu, was detained by the anti-graft agency for interrogation on malfeasance and sharp corruption practices.

The anti-graft detectives said the investigation was prompted by a petition it received in December 2019 from a competing betting company, western lotto, owned by politician, Buruji Kashamu

Kashamu and Adebutu are from Ogun state.

Kashumu who denied that his petition was a product of disgruntled character who could not make headway in the gambling business, in his petition, asked the EFCC to investigate billions of naira in lost government revenues and tax fraud against Mr Adebutu’s Premier Lotto.

Officials said they had uncovered at least N5 billion in revenue losses against the government since the investigation began — directly blaming the management of Premier Lotto for allegedly shortchanging and extort Nigerians.

The probe might extend to other betting companies and investigate claims of sharp practices and how some firms allegedly withhold funds from winning customers.The EFCC has not filed any charges against Premier Lotto.