The Nigeria Police Force National Cybercrimes Centre (NPF-NCCC) has arrested seven people for suspected involvement in cryptocurrency money laundering, business email scams, investment fraud, and other internet crimes. The arrests were announced by Akaninyene Ezima, the Assistant Inspector-General of police and head of the NPF-NCCC, on Wednesday in Abuja.
One key case involves a technology company owner accused of converting about ₦3.6 billion in suspected illegal crypto funds into Tether (USDT) stablecoins through peer-to-peer transactions on the crypto exchange Bybit. This suspect was arrested on August 13 in Agiliti, Lagos, as part of an investigation into an international investment fraud and money laundering scheme.
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. Authorities traced the lost funds to accounts connected to the suspect’s operations.
The NPF-NCCC reported that the suspect’s technology company allegedly served as a channel for moving the suspected illegal money.
A review of the company’s account at Save Heaven Microfinance Bank revealed cash inflows and outflows totalling ₦3.2 billion from October 30, 2025, to May 31, 2026. Furthermore, investigations showed that around ₦3.6 billion was converted into USDT through Bybit transactions.
Similar read: Nigeria’s digital payment fraud losses fall from ₦52.26bn to ₦25.85bn, report finds
Ezima stated that the suspect admitted to owning Kestart Technology and participating in peer-to-peer cryptocurrency trading on Bybit. The police clarified that neither Bybit nor any other financial or technology platforms mentioned are accused of being part of the alleged fraud.
Aside from crypto, police also traced another case to fintech accounts
In a recent investigation, police arrested a suspect after Germany’s Federal Criminal Police Office, known as the Bundeskriminalamt (BKA), requested help to track data linked to an IP address used in a business email scam. This operation, called Operation Broken Mask, was a collaboration between the BKA, the Royal Canadian Mounted Police, and local authorities under the Budapest Convention 24/7 Network.
The suspect was taken into custody on July 20 at his home in Megamound Estate, Lekki, Lagos. According to police, forensic analysis of devices seized during the operation revealed over 12.5 million email logs from victims in more than 50 countries. The suspect is accused of using phishing kits obtained via Telegram to steal Microsoft 365 credentials from employees at various companies, causing losses exceeding ₦100 million.
Additionally, the suspect’s Bank Verification Number (BVN) was linked to accounts across six financial institutions and fintech platforms, including Guaranty Trust Bank, Zenith Bank, FairMoney, Carbon, OPay, and PalmPay.
In a related case, the National Police Force’s Cyber Crime Centre (NPF-NCCC) announced the arrest of two suspects in Anambra for identity theft, impersonation, and computer fraud. These arrests followed a complaint about the impersonation of Faruk Yabo, a permanent secretary in the Federal Ministry of Solid Minerals Development, on WhatsApp and Facebook.
Also read: eTranzact allegedly hit by N1.39bn fraud as court freezes 69 bank, fintech accounts
Police investigations led to the recovery of both registered and unregistered SIM cards from MTN and Airtel, as well as an MTN toolkit. These cases underscore the growing trend of police tracing cybercrime activities and fraud proceeds across bank accounts, fintech platforms, messaging services, and cryptocurrency markets.
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