Police Bust N3.6bn Crypto Fraud

The Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has traced over N3.6 billion in suspected criminal proceeds converted into cryptocurrency.

The assistant inspector-general of police in charge of the NPF-NCCC, AIG Akaninyene Ezima, disclosed this yesterday during a press briefing in Abuja.

Ezima said the successes were achieved through intelligence-led investigations, digital forensics, financial investigations, open-source intelligence and sustained collaboration with local and international law enforcement agencies.

He said the operations reflected the commitment of the inspector-general of police (IGP) Olatunji Rilwan Disu to strengthening the capacity of the NPF to tackle technology-enabled crimes and dismantle transnational criminal networks.

He explained that NPF-NCCC officers arrested Kelechi Sistus Ihekaire, sole proprietor of Kestart Technology, over an alleged international cyber-enabled investment fraud and money laundering operation.

The investigation followed a petition over an alleged WhatsApp-based investment scheme through which victims were reportedly defrauded of N56.29 million.

According to the police, the funds were transferred into accounts operated by entities identified as JPM Enterprise Trading, Ahmad Digital Business and JPM Pro Online Venture.

Further investigation allegedly established that Kestart Technology served as a terminal off-ramp for proceeds linked to the syndicate.

A reconstruction of the company’s account with Save Heaven Microfinance Bank reportedly showed terminal cash-out inflows and outflows totalling approximately ₦3.62 billion between October 30, 2025 and May 31, 2026.

The police said the suspected proceeds were subsequently converted into Tether (USDT) stablecoins through Bybit peer-to-peer transactions, allegedly in an attempt to make the funds more difficult to trace.

Ihekaire was arrested on August 13, 2026, in Agiliti, Lagos. The police said he admitted owning Kestart Technology and engaging in peer-to-peer cryptocurrency trading on Bybit.

Another major breakthroughs involved a sophisticated Business Email Compromise (BEC) syndicate investigated under the codename Operation Broken Mask, in collaboration with the German Federal Police, Bundeskriminalamt (BKA), and the Royal Canadian Mounted Police (RCMP), under the Budapest Convention 24/7 Network, where the security agencies uncovered more than 12.5 million victim email logs, with victims traced to more than 50 countries, including Canada, Germany, the United States, India, France and the Netherlands.