The Economic and Financial Crimes Commission( EFCC) on Tuesday announced that it traced money laundering activities in excess of $300,000 to a suspected internet fraudster in Edo state.
This was disclosed in a statement via the Commission’s Facebook page on Tuesday.
The suspect, according to the EFCC, was among the 35 persons picked up on Sunday, May 4, 2025, in Sabo Iyako area of Auchi, Edo State, by the Commission, following credible intelligence that linked them to alleged fraudulent internet activities.
EFCC Investigation
The Commission highlighted that investigations revealed the suspect has allegedly collected and laundered over $300,000 for his syndicate members who are at large.
“Apart from internet fraud, EFCC’s investigations revealed that the suspect is equally involved in investment and banking fraud,” the EFCC added.
- The Commission stressed the suspect will be charged in court as soon as the investigation is concluded.
Related Development
In a related development on Tuesday, the EFCC announced the arrest of 35 suspected internet fraudsters in Auchi, Edo State.
- They were said to be arrested in Vigilante Street, off Sabo Ibenafo Road, and the Back of Yak areas of the town, following credible intelligence that linked them to fraudulent internet activities.
- According to the Commission, the items recovered from them at the point of arrest include nine cars, eleven laptop computers, 46 mobile phones, and two smart watches.
The Commission assured they would be charged to court upon conclusion of the investigation.
More Insights
The development is happening about few months after the EFCC disclosed the arrest of 28 alleged Ponzi scheme operators in Minna, Niger State.
- According to the EFCC, the suspects’ arrest followed credible intelligence that linked them to fraudulent investment activities with a company, Q-Net Ltd.
- The legal scrutiny against Ponzi schemes and fraudsters took a new dimension following the passage of the Investments and Securities Repeal and Re-enactment Bill, 2024, by the Senate in early December 2024.
- The bill, aimed among other things, to clamp down heavily on operators of Ponzi schemes and other illicit activities in the country.
- The bill proposed by the Nigerian SEC under Mr. Emomotimi Agama proposed a 10-year jail term for convicted Ponzi scheme operators and about $12,000 (20 million) in fines.
Other fines and jail terms were stipulated for other fraudulent activities, including associated investment fraud.
The Nigerian SEC had presented this bill before the former president of Nigeria, Muhammadu Buhari, but it was eventually signed into law by President Bola Tinubu.
