EFCC says corrupt politicians now hide loot in cryptocurrency

He described virtual assets as digital monetary representations that could be traded or transferred, stressing that while not criminal, they become dangerous when used fraudulently.

Olukoyede lamented Africa’s growing loss to illicit financial flows, listing money laundering and digital fraud schemes as major threats to the continent’s development.

He said that the EFCC had observed an alarming increase in politicians using cryptocurrency wallets to store unexplained wealth and facilitate fraudulent investment activities.

The EFCC boss said that the agency was addressing the challenge with training and intelligence.

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According to him, the commission’s efforts resulted in breakthroughs like the CBEX investment scam investigation as well as prosecution.

Olukoyede warned investors against negligence, saying most scams succeeded due to lack of due diligence and delayed reporting of suspicious transactions to relevant authorities.

He said that ponzi schemes remain widespread, with desperate investors easily falling prey to enticing but fake digital investment promises.

The commission’s chairman said that virtual assets fraud could be prevented through public awareness, proactive measures and stakeholder engagement by anti-graft agencies as well as regulators.