Police Arrest Seven Over Alleged N3.6bn Crypto, Internet Fraud

The Nigeria Police Force National Cybercrimes Centre (NPF-NCCC) has arrested seven suspects in connection with alleged money laundering, business email compromise, identity theft, sextortion, romance scams and other cyber-related offences involving billions of naira.

Assistant Inspector-General of Police (AIG) in charge of the centre, Akaninyene Ezima, disclosed this yesterday at a news conference in Abuja, where he detailed several investigations conducted by the centre.

Ezima said one of the suspects was arrested after the German Federal Police, Bundeskriminalamt (BKA), sought the preservation of data linked to an IP address allegedly used in a sophisticated business email compromise operation.

He said the investigation, known as “Operation Broken Mask”, was carried out in collaboration with the BKA and the Royal Canadian Mounted Police (RCMP) through the Budapest Convention 24/7 Network.

According to him, the suspect was arrested on July 20 at his residence in Megamound Estate, Lekki, Lagos, after forensic and other investigative processes allegedly connected him to the operation.

Forensic analysis of devices recovered from the residence, he said, uncovered more than 12.5 million email logs belonging to victims in over 50 countries.

The suspect’s Bank Verification Number (BVN), Ezima added, was linked to accounts with six financial institutions and fintech platforms, while a Mercedes-Benz AMG GLC 43 allegedly acquired with proceeds of crime was recovered.

“The suspect’s bank verification number was linked to accounts maintained with six financial institutions and fintech platforms, including Guaranty Trust Bank, Zenith Bank, FairMoney, Carbon, OPay and PalmPay,” he said.

Ezima said the suspect allegedly used phishing kits obtained through Telegram to compromise Microsoft 365 credentials belonging to employees of targeted companies, adding that investigations indicated that he made more than N100 million from the scheme.

In another case, the AIG said the centre arrested the owner of a technology company over alleged international cyber-enabled investment fraud and money laundering.

He said the suspect was arrested following a petition by Ugwu Francisca & Co. on behalf of Elizabeth and Prince Iruaregbon, who allegedly lost N56.3 million after being persuaded to invest in a WhatsApp-based stock trading platform that promised high returns.

The investigation, Ezima said, traced the funds to accounts operated by entities allegedly associated with the suspected syndicate.

He said the technology company allegedly became a channel through which proceeds from the fraud were converted, with investigators finding terminal cash inflows and outflows totalling N3.2 billion in its account with Save Heaven Microfinance Bank between October 30, 2025 and May 31, 2026.

Further investigation, he said, revealed that approximately N3.6 billion in suspected proceeds of crime was converted into Tether (USDT) stablecoins through Bybit peer-to-peer transactions.

The suspect was arrested on August 13 in Agiliti, Lagos, and allegedly admitted owning Kestart Technology and participating in peer-to-peer cryptocurrency trading on Bybit.

The police also arrested two suspects in Anambra over alleged conspiracy, identity theft, impersonation and computer-related fraud.

Ezima said the investigation followed a complaint by the Permanent Secretary, Federal Ministry of Solid Minerals Development, Faruk Yabo, over the alleged impersonation of his identity on WhatsApp and Facebook.

The suspects were arrested on August 4 following technical intelligence and other investigative activities, he said.

Items recovered from them included 24 registered and 33 unregistered MTN SIM cards, 26 registered and 18 unregistered Airtel SIM cards, and an MTN toolkit.

One of the suspects, Ezima said, admitted buying and selling registered and unregistered SIM cards. He also allegedly created a social media account using the identity of a United Kingdom citizen, which was subsequently used to defraud people in India.

The AIG said the arrests formed part of the centre’s continuing efforts to disrupt cybercrime networks and trace financial proceeds linked to internet-enabled offences.