These are not the best of times for Air Peace Chairman, Allen Onyema as the United States of America authorities have frozen about $14.2 million in bank accounts linked to companies registered by him.

Mr. Onyema and Ejiroghene Eghagha, Air Peace’s head of finance and administration, were recently indicted for alleged money laundering and bank fraud in the United States.

Both suspects strongly deny the allegations and said they looked forward to proving their innocence in court. The charges were first made public by the United States Department of Justice on Friday night.

The charges said Mr. Onyema used several companies he set up in the U.S. to launder funds and commit bank fraud through issuance of counterfeit letters of credit.

Some of the companies’ bank accounts in the U.S. and Canada had been frozen with their substantial balances as part of the investigation, court documents showed.

The documents showed that $4,017,852.51 was seized from JP Morgan Chase Bank account number ending in 5512 held in the name of Springfield Aviation Company, LLC. Another $4,593,842.05 held in Bank of Montreal with account number ending 7523 in the name of Springfield Aviation Inc. was also seized. The American government also traced and seized $5,634,842.04 held in Bank of Montreal with account number ending in 515 in the name of Bluestream Aero Services, Inc.

American law enforcement authorities indicated in the charge document that efforts had commenced to secure final forfeitures of the funds.