Alleged Cash Laundering: EFCC traces $300,000 to arrested suspected fraudster in Edo 

The Financial and Monetary Crimes Fee( EFCC) on Tuesday introduced that it traced cash laundering actions in extra of $300,000 to a suspected web fraudster in Edo state.

This was disclosed in a press release through the Fee’s Fb web page on Tuesday.

The suspect, in accordance with the EFCC, was among the many 35 individuals picked up on Sunday, Might 4, 2025, in Sabo Iyako space of Auchi, Edo State, by the Fee, following credible intelligence that linked them to alleged fraudulent web actions.

EFCC Investigation

The Fee highlighted that investigations revealed the suspect has allegedly collected and laundered over $300,000 for his syndicate members who’re at giant.

“Aside from web fraud, EFCC’s investigations revealed that the suspect is equally concerned in funding and banking fraud,” the EFCC added.

• The Fee harassed the suspect will probably be charged in court docket as quickly because the investigation is concluded.

Associated Growth 

In a associated growth on Tuesday, the EFCC introduced the arrest of 35 suspected web fraudsters in Auchi, Edo State.

• They have been mentioned to be arrested in Vigilante Road, off Sabo Ibenafo Street, and the Again of Yak areas of the city, following credible intelligence that linked them to fraudulent web actions.
• In response to the Fee, the gadgets recovered from them on the level of arrest embody 9 automobiles, eleven laptop computer computer systems, 46 cell phones, and two good watches.

The Fee assured they might be charged to court docket upon conclusion of the investigation.

Extra Insights   

The event is occurring about few months after the EFCC disclosed the arrest of 28 alleged Ponzi scheme operators in Minna, Niger State.

• In response to the EFCC, the suspects’ arrest adopted credible intelligence that linked them to fraudulent funding actions with an organization, Q-Web Ltd.
• The authorized scrutiny in opposition to Ponzi schemes and fraudsters took a brand new dimension following the passage of the Investments and Securities Repeal and Re-enactment Invoice, 2024, by the Senate in early December 2024.
• The invoice, aimed amongst different issues, to clamp down closely on operators of Ponzi schemes and different illicit actions within the nation.
• The invoice proposed by the Nigerian SEC beneath Mr. Emomotimi Agama proposed a 10-year jail time period for convicted Ponzi scheme operators and about $12,000 (20 million) in fines.

Different fines and jail phrases have been stipulated for different fraudulent actions, together with related funding fraud.

The Nigerian SEC had offered this invoice earlier than the previous president of Nigeria, Muhammadu Buhari, however it was finally signed into regulation by President Bola Tinubu.