The Economic and Financial Crimes Commission (EFCC) has indicted a new generation bank, six financial technology (fintech)firms and some microfinance banks for allowing fraudsters to launder huge sums of money.
The EFCC Director of public Affairs, Mr. Wilson Uwujaren, disclosed this at a press briefing at the commission’s headquarters in Abuja on Thursday.
According to him, the compromised institutions allegedly allowed cryptocurrency transactions worth N162 billion to pass through without proper due diligence within the 2024/2025 financial year.
He said the financial institutions clearly compromised banking procedures and allowed the fraudsters to safely change their ill-gotten gains into digital assets and move them to safe destinations.
Uwujaren said: “A total sum of N18.1 billion was moved through the financial system without due diligence of customers by the banks.
“It is worrisome that investigations by the commission showed that cryptocurrency transactions to the tune of N162 billion passed through a new generation bank without any due diligence.
“Investigations showed that a single customer maintained 960 accounts in another new bank and all the accounts were used for fraudulent purposes.
“That is bad news but the good news is that following our intervention the commission has been able to recover N33.62 million, which has been returned to some of the victims.”
He explained that the scams were in two categories, adding that the first was a syndicate of fraudsters that employed an airline discount scheme to lure their victims.
He said they advertised a discount system for the purchase of flight tickets of a particular foreign carrier.
“The payment module is designed in such a way that the victims’ payment is actually made into the account of the airline.
“After payment is made the passenger’s entire funds in his bank account are emptied.
“Investigations showed that more than 700 victims have been scammed so far, with a loss of N651 million.
Investigations show that the scheme is being masterminded by a foreign national; the commission has so far recovered and released N33 million to victims of the fraud.
“Another scheme involved a company named Fred and Farid Investment Limited, simply called FF investment, which lured Nigerians into a bogus investment arrangement.
“More than 200, 000 victims have been defrauded in this regard. A total sum of N18 billion was raked in through nine companies offering diverse investment packages.
“The companies are: Credio Banco Limited; Deliberty Rock Limited; Liam Chumeks Global Service; Ngwuoke Daniels Technology; and Icons Autos and Import Merchant.
“Others are : Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited and Sunlight Tech Hub Services Limited,” the EFCC Director stated
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