Nigeria Police Nab 7 Suspects in Crypto Money Laundering Scandal

Nigeria's National Cybercrimes Centre (NPF-NCCC) has made significant strides in combating cybercrime, with recent arrests and investigations leading to the recovery of millions in stolen funds.

The NPF-NCCC reported that seven people have been arrested for suspected involvement in cryptocurrency money laundering, business email scams, investment fraud, and other internet crimes. One key case involves a technology company owner accused of converting approximately ₦3.6 billion in suspected illegal crypto funds into Tether (USDT) stablecoins through peer-to-peer transactions on Bybit.

The investigation began after a petition from Ugwu Francisca & Co. on behalf of Elizabeth and Prince Iruaregbon, who claimed to have lost ₦56.3 million by investing in a WhatsApp-based stock trading platform that promised high returns.