Nigeria Police Uncover N3.6 Billion in Suspected Cryptocurrency Proceeds
The Nigeria Police Force's National Cybercrime Centre has made significant strides in tackling technology-enabled crimes. According to AIG Akaninyene Ezima, over N3.6 billion in suspected criminal proceeds was converted into cryptocurrency.
The investigation followed a petition about an alleged WhatsApp-based investment scheme that defrauded victims of N56.29 million. The funds were transferred into accounts operated by JPM Enterprise Trading, Ahmad Digital Business, and JPM Pro Online Venture.
A reconstruction of Kestart Technology's account with Save Heaven Microfinance Bank showed terminal cash-out inflows and outflows totaling approximately N3.62 billion between October 30, 2025, and May 31, 2026.
The suspected proceeds were converted into Tether (USDT) stablecoins through Bybit peer-to-peer transactions in an attempt to make the funds more difficult to trace. Mr Ihekaire was arrested on August 13, 2026, in Agiliti, Lagos, and admitted owning Kestart Technology and engaging in peer-to-peer cryptocurrency trading on Bybit.