YEREVAN (CoinChapter.com) — The Economic and Financial Crimes Commission (EFCC) has charged 53 individuals linked to a major crypto crime syndicate operating from Lagos, Nigeria. Authorities also arrested 739 more suspects in December 2024, with all of them pleading not guilty. The operation involved 792 members from multiple countries.
Arrested Foreign Nationals in Lagos. Source: EFCCOfficials recovered $222,729 in assets, though financial records show the syndicate moved nearly $3 million through bank deposits and P2P transactions. Investigators are still working to trace the full extent of the transactions and identify additional suspects.
Crypto Crime Ring Spanned Multiple Countries
The syndicate allegedly operated across at least five countries, relying on P2P transactions and bank transfers to move stolen funds. Over a nine-month period, members deposited $1.5 million into a single bank account and transferred $2.39 million to suspected money launderers. The EFCC believes that the number of people involved may be higher than currently identified, as many accomplices remain unidentified. The group reportedly engaged in financial fraud, cybercrimes, and identity theft, making it difficult for law enforcement to track the full scope of their operations.
EFCC Raid in Lagos Uncovers Crypto Fraud Evidence
The EFCC raided a seven-story compound in Lagos, where the crime ring allegedly operated. Investigators seized over 500 SIM cards, multiple laptops, and mobile phones, along with luxury vehicles and crypto-related documents. Officials claim these materials were used to carry out fraudulent transactions and avoid detection. Despite recovering some assets, authorities believe that a significant portion of the funds remains hidden. The crime ring reportedly used a combination of digital transactions and offshore accounts to move illicit money, making it difficult to recover all stolen assets.
Nigeria’s Crypto Crime Crackdown Continues
The EFCC has intensified its crackdown on crypto fraud. In 2023, authorities arrested two Binance executives over trading violation allegations, which led to a diplomatic dispute with the United States. The charges were later dropped after negotiations. Nigeria has been actively pursuing financial crimes involving cryptocurrency, with law enforcement agencies now focused on tracking hidden assets and dismantling fraud networks.
Binance Executives Detained in Lagos. Source: Financial TimesAuthorities Warn of More Crypto Fraud Networks
The EFCC stated that the crypto fraud syndicate posed a serious economic risk to Nigeria. The agency accused the suspects of engaging in activities that “seriously destabilize the economic and social structure” of the country. Investigators continue tracking additional crypto crime networks and following leads on untraced funds. More arrests may follow as authorities expand their investigation into the syndicate’s global financial connections.
The post Nigeria’s Largest Crypto Crime Syndicate Busted: 53 Charged, 739 Arrested first appeared on Coinchapter.
The post Nigeria’s Largest Crypto Crime Syndicate Busted: 53 Charged, 739 Arrested appeared first on Coinchapter.
