The Economic and Financial Crimes Commission (EFCC) said it has traced $30,000 in laundered funds presumably derived from the activities of a suspected internet fraudster.
In a press statement on Tuesday, the anti-graft agency identified the suspect as a male but did not disclose his name.
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According to the statement, EFCC’s investigations discovered that the suspect collected and laundered the money for his syndicate members who were said to be at large.
The EFCC also said, the suspect, among the 35 persons it had arrested on 4 May in Sabo Iyako, Auchi, Edo State, was discovered to be involved in criminal activities including banking and investment fraud.
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The statement said the commission would charge him in court at the end of ongoing investigations.
Background
The anti-graft agency announced via its official X the arrest of 35 suspects of internet fraudsters, following credible intelligence.
According to the commission, nine cars, eleven laptop computers, 46 mobile phones and two smartwatches were recovered from the group at the point of arrest.
The EFCC has intensified its efforts to curb the activities of internet fraudsters widely known as ‘Yahoo Yahoo boys’.
In December 2024, the anti-graft agency arrested a group of 792 suspects including Nigerians, Chinese, Arab and Filipino nationals involved in alleged cryptocurrency investment fraud and romance scams.
This group was dubbed the largest cybercrime syndicate.
Case of money traced by the EFCC
Using money mules is a tactic adopted by individuals who launder money, to clean their trails. This involves sending money into other people’s accounts or even an organisation.
In March 2024, PREMIUM TIMES reported how the EFCC traced N7 billion suspected to be proceeds of fraud to a religious organisation.
The money was said to be discovered during the investigation of a N13 billion fraud case. EFCC chairman Ola Olukoyede, who made the disclosure, did not provide the details of the religious organisation.
