The Economic and Financial Crimes Commission (EFCC) has traced over $300,000 allegedly laundered by a suspected internet fraudster in Auchi, Edo State, as part of an ongoing investigation into cybercrime and financial fraud.
In a statement shared on its official Facebook page on Tuesday, the EFCC disclosed that the suspect was among 35 individuals arrested on Sunday, May 4, 2025, in the Sabo Iyako area of Auchi, following credible intelligence linking them to online scams.
Investigations revealed that the suspect allegedly served as a financial conduit, laundering large sums—over $300,000—on behalf of members of a fraud syndicate who are currently on the run.
Beyond internet fraud, the EFCC noted that the suspect is also implicated in banking and investment fraud schemes. The Commission confirmed that the individual will be prosecuted in court once investigations are completed.
On the same day, the EFCC also announced the arrest of 35 suspected internet fraudsters across several locations in Auchi, including Vigilante Street, Off Sabo Ibenafo Road, and Back of Yak.
Items recovered during the operation include:
9 vehicles
11 laptops
46 mobile phones
2 smartwatches
The EFCC assured the public that charges will be filed once investigations into the broader operation are finalized.
This development follows earlier action by the EFCC, which arrested 28 individuals in Minna, Niger State, for allegedly operating a Ponzi scheme under the name Q-Net Ltd..
These efforts align with Nigeria’s increasing crackdown on financial crimes, particularly after the passage of the Investments and Securities Repeal and Re-enactment Act, 2024, signed into law by President Bola Tinubu. The new law, originally proposed by the Nigerian Securities and Exchange Commission (SEC) under Mr. Emomotimi Agama, targets fraudulent investment schemes with strict penalties, including:
Up to 10 years in prison
Fines of up to ₦20 million (~$12,000) for Ponzi scheme operators
Additional penalties for related investment and internet frauds
These legislative changes signal a tougher stance against financial crime in Nigeria, as authorities seek to restore trust in the financial sector and curb rising cybercrime trends.