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Police Arrest Seven Over ₦3.6 Billion Crypto Fraud, Romance Scams

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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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Sunday Igboho Launches ‘Iru Ekun’ Security Outfit in Ogun, Says FG Will Train Members

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Sunday Igboho Launches 'Iru Ekun' Security Outfit in Ogun, Says FG Will Train Members

Sunday Igboho Launches ‘Iru Ekun’ Security Outfit in Ogun, Says FG Will Train Members

Yoruba Nation activist Sunday Adeyemo, popularly known as Sunday Igboho, on Wednesday formally inaugurated the Ogun State chapter of the Iru Ekun Security Network, a community-based security initiative aimed at tackling kidnapping, banditry, and other criminal activities across the South-West region.

The launch, held in a bustling area of Ogun State, attracted a massive turnout of supporters and volunteers, with reports indicating that thousands of individuals joined the initiative. Photographs and videos shared online showed hundreds of attendees dressed in matching black outfits and caps, gathered under tents and along streets, with many recording the proceedings on their mobile devices.

Speaking at the launch, Igboho outlined the structure and operational framework of the security outfit, emphasising that it would operate in collaboration with government authorities at both federal and state levels. He disclosed that the Federal Government would determine which agency would be responsible for training members of the security network, while the Ogun State Governor’s Office would decide where trained personnel would be deployed. He also revealed that every trained member would be issued an identification card at the local government level, enabling them to operate legitimately.

“Federal Government will decide who will come and train us. The Governor’s Office tell us where they will place us. As they wrap up that training, every person will be issued an ID card at the local government level,” Igboho told the gathering.

Igboho also revealed that the Ogun State Government had already given assurances of support for the initiative, including plans to determine a monthly allowance for members to help them provide for their families while carrying out their duties. This, he said, would enable volunteers to commit fully to the security work without neglecting their domestic responsibilities.

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“The Governor has also given us assurance. They have given us support here, and they will decide what monthly allowance to provide to us, to support us, because we have wives, and we have children,” he said.

The activist placed heavy emphasis on discipline among recruits, warning members against reckless behaviour or abuse of the authority that may come with their identification and training. He stressed that the success of the initiative depended on the character and conduct of its members, urging them to serve with integrity and restraint.

“You must have discipline. Do not engage in reckless behaviour or ruin things just because they have trained you and you have ID card,” Igboho cautioned.

Igboho framed the broader ambition of the initiative as securing official identification for members across the entire South-West, enabling them to operate legitimately while contributing to community safety and supporting their households. He drew a parallel with the Nigeria Security and Civil Defence Corps (NSCDC) , recalling how the organisation evolved from a humble community-based structure into a federally recognised security agency. He expressed confidence that the Iru Ekun Security Network could follow a similar trajectory if properly managed.

“This organisation we established, if we execute it properly—just like Civil Defence. They started at the market. We used to call them ‘Little Defence,’ but they did good work with what they were doing. The federal government have now fully established it across all of Nigeria,” Igboho said.

Iru Ekun, which translates to “leopard’s tail” in Yoruba, was established by Igboho as a community-based security initiative to complement existing efforts against kidnapping, banditry, and other criminal activities in the South-West. The name symbolises strength, agility, and resilience—qualities the group aims to embody in its operations. The Ogun State inauguration follows the launch of the outfit in Kwara State about a month ago, where Igboho declared that criminal elements would no longer be allowed to use the state’s forests as safe havens.

The launch comes amid continuing concerns over insecurity in parts of the South-West and renewed calls for stronger community participation in combating criminal activities. In a related development, the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi , recently threw his weight behind the Iru Ekun Security Network with a donation of N100 million and a brand new Toyota Hilux vehicle. The monarch described Igboho as an illustrious and courageous son of Oduduwa whose commitment to promoting peace, security, and development deserved widespread support from all well-meaning individuals and institutions.

Igboho has also unveiled plans to convene a security summit for traditional rulers across the South-West, to be hosted by the Ooni in Ile Ife, where issues relating to security, unity, and other crucial matters capable of protecting and promoting the collective interest of Yorubaland will be discussed. The summit is expected to bring together monarchs, security experts, and community leaders to develop a comprehensive strategy for addressing the region’s security challenges.

The activist, who has been vocal about the need for community-driven security solutions, said the Iru Ekun Security Network would work closely with existing security agencies to ensure effective coordination and intelligence sharing. He expressed gratitude to the Ogun State Government for its support and called on other state governments in the South-West to embrace similar initiatives to strengthen regional security.

Sunday Igboho Launches ‘Iru Ekun’ Security Outfit in Ogun, Says FG Will Train Members

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VeryDarkMan dares police to charge him over kidnapping claims

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VeryDarkMan dares police to charge him over kidnapping claims
Social media activist Martins Otse, popularly known as VeryDarkMan

VeryDarkMan dares police to charge him over kidnapping claims

Social media activist Martins Otse, popularly known as VeryDarkMan, has firmly rejected the Nigeria Police Force’s invitation to submit evidence backing his allegation that some security personnel aid kidnapping and banditry, insisting he will only present his proof in a court of law.

The activist made the declaration on Thursday while responding to a police invitation demanding that he substantiate his claims made at the recent Nigerian Bar Association (NBA) conference in Port Harcourt. VeryDarkMan had alleged that police officers manning highway checkpoints identify wealthy travellers and relay information about their identities and movements to kidnappers, thereby facilitating abductions for ransom.

In a video shared on his Instagram page, Otse rejected the police request to submit his evidence to them, questioning why he would hand over material that could form the basis of a criminal case against him. He challenged the Force to take legal action if they believed his comments constituted an offence, stating that his lawyers were prepared to represent him immediately.

The activist also repeated his controversial claim that politicians use cattle to launder money, arguing that Fulani herders were victims of political manipulation. He accused Nigerians of defending security agencies after his allegations, despite routinely criticising the police and military over insecurity. Otse said his comments were aimed at holding public institutions accountable and maintained that he stood by his allegations.

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The Nigeria Police Force had earlier issued a statement through its Public Relations Officer, CSP Ani Iniedu, inviting Otse to provide evidence backing his allegations. The Force described the claims as unsubstantiated and unfairly damaging to an institution entrusted with the protection of millions of Nigerians. The police maintained that officers deployed to checkpoints nationwide are assigned to prevent crime and protect citizens, not facilitate kidnapping. They noted that police personnel have been ambushed, attacked, and killed by the very criminal elements they are accused of aiding.

The police said any evidence presented by the activist would be treated with urgency and thoroughly investigated. They also urged members of the public with credible evidence of police misconduct to approach the appropriate authorities rather than relying solely on public allegations. The Force assured that where individual officers are found to have compromised their duty, they will face internal discipline and prosecution.

Despite the police pushback, Otse refused to withdraw his accusations, alleging that elements within the police, military, immigration, and customs services are contributing to the persistence of insecurity in Nigeria. He questioned why kidnapping, banditry, and terrorism continue despite substantial government spending on security. In one of his responses, he declared that some police personnel are the “unknown gunmen” terrorising the country.

The latest development follows an earlier dispute between Otse and the police over allegations involving Assistant Inspector-General of Police Moshood Jimoh. Otse had accused the AIG of corruption in connection with the investigation of a case involving businessman Ahmed Tajudeen Akanbi. The Force previously confirmed that Jimoh had been invited for questioning as part of an internal administrative review, and also invited Otse to substantiate his allegations. The criminal matter linked to the claims was already before a court following advice from the Directorate of Public Prosecutions.

Otse criticised what he described as a delayed response by the police to his earlier allegations, saying the Force only reacted more quickly after he released additional material. He alleged that he had released evidence relating to the case, including claims of torture of suspects, but that the police did not initially respond until he released additional material.

Despite his strong allegations, Otse acknowledged the difficult conditions under which many police officers operate and called on the government to improve their welfare. He said his comments were aimed at holding public institutions accountable and maintained that he stood by his allegations.

The presidency also weighed in on the controversy, with the Senior Special Assistant to President Bola Tinubu on Media and Publicity, Sunday Dare, criticising the NBA for providing a platform to Otse. Dare described Otse as a “rabble rouser” who made unguarded and reckless accusations against the police and security agencies.

Otse concluded by reiterating his readiness to face the police in court, insisting that he would only present his evidence in a judicial setting. He declared his willingness to prove that security agencies aid insecurity, banditry, and terrorism in the country, and challenged the police to meet him in court where he would tender his evidence.

VeryDarkMan dares police to charge him over kidnapping claims

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NBA conference: Falana questions VeryDarkMan’s invitation as controversy deepens

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NBA conference: Falana questions VeryDarkMan’s invitation as controversy deepens
Martins Vincent Otse, popularly known as VeryDarkMan (VDM) and Senior Advocate of Nigeria (SAN), Femi Falana

NBA conference: Falana questions VeryDarkMan’s invitation as controversy deepens

Senior Advocate of Nigeria (SAN), Femi Falana, has criticised the Nigerian Bar Association (NBA) for inviting social media activist Martins Vincent Otse, popularly known as VeryDarkMan (VDM), to speak at its 66th Annual General Conference in Port Harcourt, Rivers State.

Falana said the NBA conference should maintain its tradition of bringing people with established expertise and professional experience to engage lawyers on important national issues, particularly when the subject is national security.

Speaking on Channels Television’s Sunrise Daily on Thursday, Falana said previous NBA conferences were focused on intellectual engagement and learning rather than entertainment.

“In those days, the NBA brought individuals who had paid their dues, who were coming to engage lawyers intellectually. We wanted to learn from them, and so none of our conferences was a circus show in the past,” Falana said.

The senior lawyer said his concern was not simply about VDM’s personality but the relevance of his professional background to the subject for which he was invited.

Falana argued that anyone invited to speak on Nigeria’s security architecture should have demonstrated experience or made meaningful contributions to the country’s security sector.

“So, if you are bringing in an expert to discuss the security of the country, either from the private or public sector, such an individual must have contributed to the security architecture of the country,” he said.

“But when you bring people who have nothing to do with the security of the country, there are problems,” Falana added.

He compared the decision to inviting someone without professional experience in journalism to speak at a conference on press freedom.

“It’s like talking about media freedom, press freedom. You are going to bring practitioners in that field, either in academics or in the newsroom. But to just go and bring somebody from nowhere to come and entertain you, there are problems with that,” he said.

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VDM’s invitation has generated significant debate among lawyers and other commentators, with some describing his participation as inappropriate for a professional gathering while others argue that his experience documenting insecurity, kidnappings and violence gives him a perspective worth hearing.

VDM was invited to a panel session at the conference titled “Known Gunmen or Unknown Gunmen”, where he discussed his experiences covering insecurity and visiting communities affected by killings and attacks.

The 66th Annual General Conference of the NBA brought together lawyers, policymakers, public officials, academics and other stakeholders for discussions on legal, professional and national issues.

Responding to criticism over his invitation, VDM said he was not brought to the conference to teach lawyers about legal practice but to share his experiences of Nigeria’s security challenges.

He argued that the worsening security situation affects everyone, including members of the legal profession and the judiciary.

During the panel, VDM made several allegations concerning the causes of insecurity in Nigeria. Among his most controversial claims was that some police officers operating checkpoints on major highways allegedly identify wealthy travellers and pass information about their identities and movements to kidnappers, who then target them for ransom.

He also alleged that some government officials and security agencies benefit from the country’s insecurity, although he did not provide evidence for the claims during the session.

The allegations prompted a response from the Nigeria Police Force, which rejected the claims and invited VDM to provide evidence.

The Force described the allegations concerning police checkpoints as serious and unsubstantiated, saying they could unfairly damage the reputation of an institution whose personnel are deployed across the country to prevent crime and protect citizens.

The police said officers working at checkpoints routinely face attacks from kidnappers, bandits and other criminal groups and maintained that the primary purpose of such checkpoints is to protect travellers and detect criminal activity.

Commissioner of Police in charge of Safer Highways, Silas Aremu, also challenged the suggestion that police checkpoints routinely serve as channels for passing travellers’ information to criminals.

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While acknowledging that individual officers could potentially engage in misconduct, Aremu said the existence of criminals around checkpoints did not establish that police officers were collaborating with them.

The police subsequently formally invited VDM to substantiate his allegations.

In response, VDM said he was prepared to face the authorities but would not hand over his evidence during police questioning. He said he would rather present whatever evidence he had in court if the matter resulted in prosecution.

The controversy surrounding VDM’s appearance was further heightened after the NBA presented him with a recognition award following his participation in the conference.

The recognition attracted additional reactions, with supporters arguing that the award acknowledged his willingness to share his experiences on insecurity, while critics questioned whether it was appropriate given the controversial nature of some of his claims.

Those defending the NBA’s decision have argued that VDM’s invitation should be viewed within the broader objective of engaging voices outside the traditional legal establishment.

Supporters point to his extensive public advocacy on insecurity and his interactions with victims and communities affected by violence. They argue that the legal profession can benefit from hearing firsthand accounts from people who operate outside formal government and professional structures.

Critics, however, maintain that an NBA conference should prioritise speakers with demonstrable expertise, particularly on specialised subjects such as national security, and that public popularity should not substitute for professional competence.

The disagreement has therefore developed into a broader debate over the purpose of professional conferences and whether organisations such as the NBA should limit speakers to conventional experts or deliberately include unconventional voices with firsthand experience of issues affecting society.

For Falana, the central concern is that discussions on sensitive subjects should be anchored by people with established knowledge and experience.

His comments have consequently added another dimension to the controversy over VDM’s invitation, coming at a time when the activist is also facing pressure from the police to substantiate allegations made during the conference.

The debate around VeryDarkMan’s NBA invitation has therefore moved beyond whether he was suitable to participate in the conference. It has also raised questions about the role of social media personalities in national discourse, the value of firsthand experience and the responsibility of professional bodies when inviting unconventional speakers.

NBA conference: Falana questions VeryDarkMan’s invitation as controversy deepens

 

 

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