The Economic and Financial Crimes Commission (EFCC) on Friday said it has uncovered a N3.5 billion cryptocurrency fraud in Sokoto State .
The head of the anti corruption agency in Sokoto zonal office, Bawa Kaltingo, told reporters that the amount was obtained through dubious means and deposited in a United Bank for Africa (UBA) account.
The official said the suspected fraudsters deceived their victims in Sokoto and made them believe that the funds would be used to trade in forex and cryptocurrency.
Mr Kaltingo named the prime suspects as Benson Kufre John and Iraboh Eseosa.
He said the two suspects employed the services of one Sunday Marcus to register a company with the Corporate Affairs Commission as well as open the bank account using fictitious addresses and unregistered phone numbers.
He said the EFCC also discovered other bank accounts with GTB and Zenith Bank also opened by Mr Markus but operated by Benson Kufre and Joseph Irabo for the purpose of fraud.
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The EFCC official said the money was raised between February and August 2020.
Mr Kaltingo said after nine months of investigation, the anti-graft agency was able to make a breakthrough, arresting three of the suspects while others are still at large.
He added that money and property, including exotic cars and residential buildings in Lagos, Port Harcourt and Calabar were recovered from the suspects.
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