WATCH THE VIDEO HERE The Economic and Financial Crimes Commission( EFCC) on Tuesday announced that it traced money laundering activities in excess of $300,000 to a suspected internet fraudster in Edo state. This was disclosed in a statement via the Commission’s Facebook page on Tuesday. The suspect, according to the EFCC, was among the 35 persons picked up on Sunday, May 4, 2025, in Sabo Iyako area of Auchi, Edo State, by the Commission, following credible intelligence that linked them to alleged fraudulent internet activities. The Commission highlighted that investigations revealed the suspect has allegedly collected and laundered over $300,000 for his syndicate members who are at large. “Apart from internet fraud, EFCC’s investigations revealed that the suspect is equally involved in investment and banking fraud,” the EFCC added. In a related development on Tuesday, the EFCC announced the arrest of 35 suspected internet fraudsters in Auchi, Edo State. The Commission assured they would be charged to court upon conclusion of the investigation. The development is happening about few months after the EFCC disclosed the arrest of 28 alleged Ponzi scheme operators in Minna, Niger State. Other fines and jail terms were stipulated for other fraudulent activities, including associated investment fraud. The Nigerian SEC had presented this bill before the former president of Nigeria, Muhammadu Buhari, but it was eventually signed into law by President Bola Tinubu.
Alleged Money Laundering: EFCC traces $300,000 to arrested suspected fraudster in Edo
