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Police Arrest Seven Over ₦3.6 Billion Crypto Fraud, Romance Scams
Police Arrest Seven Over ₦3.6 Billion Crypto Fraud, Romance Scams
The Nigeria Police Force National Cybercrimes Centre (NPF-NCCC) has arrested seven suspects in a major crackdown on cyber-enabled financial crimes, including a staggering ₦3.6 billion cryptocurrency fraud, sophisticated business email compromise schemes, sextortion, blackmail, identity theft, and romance scams.
The arrests were announced on Wednesday by AIG Akaninyene Ezima, who heads the cybercrime unit, during a press conference in Abuja. The operatives, acting under the codename “Operation Broken Mask,” carried out the arrests in Lagos and Anambra States, with technical support from international law enforcement agencies including Germany’s Federal Police (Bundeskriminalamt – BKA) and the Royal Canadian Mounted Police (RCMP), under the framework of the Budapest Convention 24/7 Network.
According to the police, these arrests represent a significant victory in the ongoing battle against transnational cybercrime networks that use Nigeria as a base to defraud victims both locally and across the globe. The suspects are currently in custody and will face prosecution under Nigeria’s Cybercrimes Act and other relevant money laundering laws.
The first and most high-profile case involves a technology entrepreneur arrested in connection with a massive ₦3.6 billion cryptocurrency money laundering operation. The investigation was triggered by a formal petition from Ugwu Francisca & Co., acting on behalf of two victims, Elizabeth and Prince Iruaregbon. The complainants alleged that they had lost ₦56.3 million after being lured into a fraudulent WhatsApp-based stock trading platform that promised unrealistic high returns on investment.
Following a detailed forensic audit of financial transactions, investigators traced the victims’ funds to accounts linked to a technology company. The prime suspect, who was arrested on August 13 in Agiliti, Lagos, was identified as the proprietor of Kestart Technology. He reportedly admitted to operating the company and engaging in peer-to-peer cryptocurrency trading on the Bybit exchange. A review of the company’s account with Save Heaven Microfinance Bank revealed terminal cash-out inflows and outflows totaling ₦3.2 billion between October 2025 and May 2026 alone.
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More alarmingly, police forensic analysts discovered that approximately ₦3.6 billion in suspected criminal proceeds was systematically converted into Tether (USDT) stablecoins through Bybit peer-to-peer transactions. This conversion, the police say, was a deliberate attempt to launder the money and obscure the financial trail, making it harder for authorities to track and recover the stolen assets.
In another significant breakthrough, the NPF-NCCC arrested a suspect linked to a sophisticated business email compromise (BEC) scheme that targeted companies in over 50 countries. This arrest came after the German Federal Police (BKA) submitted a formal request for data preservation related to an internet protocol (IP) address allegedly used in the operation. The suspect was apprehended on July 20 at his residence in Megamound Estate, Lekki, Lagos.
Forensic examination of electronic devices recovered from the suspect’s home uncovered a chilling database containing over 12.5 million email logs belonging to victims spread across more than 50 nations. Investigators established that the suspect used phishing kits obtained through the encrypted messaging platform Telegram to compromise Microsoft 365 credentials of employees working for targeted companies. By gaining unauthorized access to corporate email systems, he was able to intercept sensitive business communications and redirect large financial payments into accounts he controlled.
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The financial scale of this BEC operation is equally staggering. The suspect’s Bank Verification Number (BVN) was linked to accounts maintained with six different financial institutions and fintech platforms, including Guaranty Trust Bank, Zenith Bank, FairMoney, Carbon, OPay, and PalmPay. Police allege that he made over ₦100 million from this fraudulent enterprise. A Mercedes-Benz AMG GLC 43, which investigators believe was purchased with proceeds from the crime, was also seized during the operation.
The police also arrested two individuals in Anambra State on charges of conspiracy, identity theft, impersonation, and computer-related fraud. This investigation commenced after a formal complaint was lodged by Faruk Yabo, the Permanent Secretary at the Federal Ministry of Solid Minerals Development, who reported that an unknown individual was impersonating him on WhatsApp and Facebook.
The two suspects were taken into custody on August 4 following extensive technical intelligence operations. During searches, law enforcement officers recovered a staggering haul of telecommunications materials: 24 registered and 33 unregistered MTN SIM cards, alongside 26 registered and 18 unregistered Airtel SIM cards, as well as an MTN toolkit. One of the suspects reportedly confessed to buying and selling both registered and unregistered SIM cards, and admitted to creating a fake social media account in the identity of a United Kingdom citizen, which was then used to defraud unsuspecting victims in India.
AIG Akaninyene Ezima emphasized that these arrests are part of a broader, sustained campaign by the NPF-NCCC to dismantle cybercrime networks operating within Nigeria and across international borders. He warned that cybercriminals would not find refuge in encrypted platforms or cryptocurrency, as the police are continuously strengthening their technical capabilities and deepening international partnerships.
The police have confirmed that all seven suspects will be charged in court upon the conclusion of investigations, facing counts that include money laundering, identity theft, computer-related fraud, and violations of the Cybercrimes Act.
Police Arrest Seven Over ₦3.6 Billion Crypto Fraud, Romance Scams
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How Bandits Demand ₦300m Ransom for Abducted Kaduna Couple, Baby in Viral Video
How Bandits Demand ₦300m Ransom for Abducted Kaduna Couple, Baby in Viral Video
Armed bandits have released a video showing an abducted couple and their infant daughter in captivity in Kaduna State, with the kidnappers demanding ₦300 million for the family’s release.
The video, which circulated on social media on Monday, October 12, shows the father, identified in reports as Ahmed Abubakar Zakka, appealing to Nigerians to help secure the freedom of himself, his wife and their baby.
The family was reportedly abducted when armed men invaded Alrahus Estate in Millennium City, Chikun Local Government Area of Kaduna State, late at night.
In the footage, Zakka is seen holding his infant daughter while his wife sits beside him. An armed man, whose face was concealed, points a rifle at him and threatens to shoot him.
Speaking in Hausa, the captive father appeals for assistance, saying the kidnappers are demanding ₦300 million, an amount he says he cannot raise.
His wife is also heard pleading for help as the family remains in the hands of their abductors.
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Reports of the incident indicate that the attack affected other residents of the estate, with a pregnant woman reportedly among those abducted during the same raid.
The gunmen were said to have moved through residential buildings, forcing their way into homes and taking occupants away.
The abduction has heightened concerns over the safety of residents of Millennium City and surrounding communities, where reports of armed attacks and kidnappings have continued to generate anxiety.
Former Vice-President Atiku Abubakar has called on security agencies to act swiftly to secure the release of Zakka, his wife, their infant daughter and other Nigerians being held captive.
Atiku described the video as a painful reminder of the insecurity confronting families across the country. He urged the authorities to move beyond assurances and take effective measures to rescue abducted persons, protect vulnerable communities and bring those responsible for the crimes to justice.
Mohammed Bello El-Rufai, the lawmaker representing Kaduna North Federal Constituency in the House of Representatives, also expressed concern over recurring kidnappings in Millennium City, particularly around the Dan Bushiya area.
He called on the Kaduna State Government, the police and other security agencies to intensify operations, improve intelligence gathering and ensure the immediate rescue of the victims.
As of the time of reporting, the Kaduna State Police Command had not publicly provided a substantive update on the family’s rescue.
The command’s spokesperson, Mansir Hassam, reportedly said he would respond to enquiries about the incident, but no further response had been received by the time the report was filed.
The family’s condition and the status of any rescue operation remained unclear in the reports available.
The incident has renewed calls for stronger security measures in residential communities and urgent intervention to secure the safe return of the abducted family.
How Bandits Demand ₦300m Ransom for Abducted Kaduna Couple, Baby in Viral Video
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How Military Air Strike Crushed ISWAP Attack Plot, Killed Over 40 Fighters in Borno
How Military Air Strike Crushed ISWAP Attack Plot, Killed Over 40 Fighters in Borno
The Nigerian military has reported killing more than 40 Islamic State West Africa Province (ISWAP) fighters, including a prominent commander, in an air strike that reportedly disrupted plans for coordinated attacks on military positions in Borno State.
The operation, conducted by the Air Component of the Joint Task Force, North East, under Operation Hadin Kai, targeted a suspected insurgent enclave at Badu Village, south of Gudumbali in Guzamala Local Government Area of the state.
The military said the operation was launched on October 10, 2026, after intelligence reports indicated that the insurgents were assembling to plan attacks against troops operating in the area.
In a statement issued in Maiduguri, Captain Mohammed Goni, the Military Information Officer at the Headquarters of the Joint Task Force, North East, said preliminary intelligence and battle damage assessments indicated that more than 40 fighters were killed in the operation.
According to the military, the casualties included a prominent ISWAP commander believed to have been involved in the group’s operations in the region.
Military acts on intelligence about planned attacks
Goni said the operation followed credible intelligence about the concentration of insurgents allegedly preparing coordinated attacks against military formations and nearby communities.
He explained that the Air Component conducted aerial surveillance to identify the movements of suspected fighters around their hideouts and logistics facilities before launching a precision strike on a building occupied by the insurgents.
The military said the air strike disrupted the planned attacks and weakened the operational capacity of the targeted fighters.
However, the reported casualty figure was based on the military’s preliminary assessment, and independent confirmation of the number of fighters killed was not available.
Vehicles, motorcycles destroyed
The military also reported that the operation destroyed two vehicles and approximately 20 motorcycles allegedly used by the insurgents for transportation, logistics and offensive operations.
The destruction of the equipment could affect the group’s ability to move fighters, transport supplies and coordinate attacks across remote communities in the area.
According to the military, intelligence gathered after the operation linked the targeted fighters to ISWAP’s Murabitun element, described as a mobile fighting unit involved in patrols, attack coordination and other insurgent activities.
The military said further assessments were ongoing to determine the full extent of the damage caused by the strike.
ISWAP remains a security threat in North-East
ISWAP remains one of the principal armed extremist groups operating in Nigeria’s North-East, particularly in Borno State and areas around the Lake Chad region.
The group emerged from the Boko Haram insurgency and has continued to attack military formations and communities as security forces intensify efforts to contain its activities.
Insurgent attacks on military positions have posed persistent challenges to efforts to restore peace and enable displaced residents to return to their communities.
The latest reported operation forms part of the military’s broader campaign to disrupt insurgent movements, dismantle their operational networks and prevent attacks on troops and civilians.
The military reiterated its commitment to sustaining intelligence-led operations and coordinated air and ground offensives against insurgent groups in the North-East.
While the reported deaths of more than 40 fighters would represent a significant blow to the targeted group if confirmed, the full impact of the operation will depend on subsequent intelligence assessments and developments on the ground.
How Military Air Strike Crushed ISWAP Attack Plot, Killed Over 40 Fighters in Borno
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Court Strikes Out FG’s Forgery Charges Against ‘Fake’ PFIPC Boss, Adeniyi Adeyemi
Court Strikes Out FG’s Forgery Charges Against ‘Fake’ PFIPC Boss, Adeniyi Adeyemi
Prosecution to re-arraign defendant before FCT High Court over alleged impersonation
The Federal High Court in Abuja, on Monday, struck out the eight-count criminal charge filed by the Federal Government against Adeniyi Adeyemi, the self-styled Director-General of the alleged non-existent Presidential Foreign Investment Promotion Council (PFIPC).
Justice Mohammed Umar struck out the charge following an application by the prosecution to withdraw the case, paving the way for the defendant to be re-arraigned before the High Court of the Federal Capital Territory (FCT).
At the resumed proceedings, the Director of Public Prosecutions of the Federation (DPPF), Rotimi Oyedepo, informed the court that the Attorney-General of the Federation (AGF) had reviewed the case file and uncovered “loopholes” in the charge.
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Oyedepo explained that the documents Adeyemi allegedly forged fell under the jurisdiction of the FCT High Court rather than the Federal High Court. Consequently, he applied to withdraw the charge to allow for a proper fresh arraignment in the appropriate court.
The defense counsel, Ibrahim Angulu, did not oppose the Federal Government’s application for withdrawal. Delivering his ruling, Justice Umar granted the application and struck out the charge, effectively ending the proceedings at the Federal High Court.
Adeyemi had been in detention following his arrest on the strength of a bench warrant issued by the Federal High Court. He was initially arraigned on charges bordering on forgery, fraud, and impersonation, and was subsequently remanded at the Kuje Correctional Centre.
The case against Adeyemi stems from allegations that he held himself out as the Director-General of the PFIPC, a body authorities have described as non-existent. He has consistently denied any wrongdoing, maintaining that the agency was a legitimate initiative.
Monday’s decision effectively terminates the case before the Federal High Court, but does not signal the end of the FG’s prosecution efforts. A fresh arraignment before the FCT High Court is now expected. The development also halted the scheduled hearing of Adeyemi’s bail application, which was pending before the Federal High Court.
Court Strikes Out FG’s Forgery Charges Against ‘Fake’ PFIPC Boss, Adeniyi Adeyemi
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