The International Criminal Police Organization(INTERPOL) said it has blocked over 720 bank accounts linked with online financial frauds across West African countries.
The organization said this was the outcome of its sting operation tagged ‘Operation Jackal III’, which ran from 10 April to 3 July across 21 countries on five continents.
It added that the operation targeted online financial fraud and the West African syndicates behind it.
According to a statement from INTERPOL, the operation led to hundreds of arrests, the seizure of assets worth USD 3 million, and the dismantling of multiple criminal networks around the world.
Nigerian network busted
INTERPOL further disclosed that Portuguese criminal police, which it worked with, dismantled a Nigerian network involved in money mule recruitment, laundering funds from online financial fraud victims across Europe. More than 25 syndicate members were identified in the process.
“Data from seized computers and phones revealed large transfers to Nigerian bank accounts, cryptocurrency transactions, and sophisticated money laundering operations,” it stated.
Commenting on the operations, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), Isaac Oginni, said:
“The volume of financial fraud stemming from West Africa is alarming and increasing. This operation’s results underscore the critical need for international law enforcement collaboration to combat these extensive criminal networks.
“By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world.”
Argentina operation
In Argentina, INTERPOL said Operation Jackal III saw the dismantling of a Nigerian-led transnational criminal network following a five-year investigation. It added that the country’s Federal Police seized USD 1.2 million in ‘supernotes’ – high-quality counterfeit banknotes – arrested 72 suspects and froze approximately 100 bank accounts.
“The network used money mules to open bank accounts worldwide and is now under investigation in over 40 countries for related money laundering activities. The suspects include citizens from Argentina, Colombia, Nigeria and Venezuela,” it said.
INTERPOL added that more than 160 fraud victims suffered significant financial losses, with some forced to sell their homes or take out large loans as a result.
What you should know
The crackdown on international online fraudsters comes amid a rise in online financial fraud across the globe.
In a similar operation concluded in December 2023, the INTERPOL said the transcontinental police operation against online financial crime led to 3,500 arrests and seizures of $300 million worth of assets across 34 countries including Nigeria and Ghana.
The six-month Operation HAECHI IV (July-December 2023) targeted seven types of cyber-enabled scams: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud.
