EFCC keeps recovered crypto loot in e-wallet: Bawa
EFCC Chairman Abdulrasheed Bawa has revealed that the commission keeps cryptocurrency loot recovered from internet fraudsters in the commission’s e-wallet.
Disclosing this in an interview with Channels TV on Tuesday, the EFCC boss said the commission had about $20 million worth of recovered cryptocurrencies in its e-wallet.
According to Mr Bawa, cybercriminals who used international money transfer platforms like MoneyGram and Western Union in the past now use digital currencies to get the proceeds of their dubious transactions.
“We have seen time and time again where cybercriminals are using this avenue to get their proceeds of crime before it used to be through money transfer agencies like money gram and of cause western union. Now they have gone E.
“They will defraud somebody. They will get gift cards and exchange them on the dark web, and they will use the proceeds to buy crypto, and they can get it to their e-wallet, and then, of course, they can sell and get their money,” Mr Bawa explained.
Speaking further, he noted, “As it is today, we have about 20 million worth of cryptocurrency as of last statistics that I have because we also created our own e-wallet to recover cryptocurrency you know it has never happened before but we created it we are now recovering these proceeds of crime from that means as well.”
Applauding the Central Bank of Nigeria’s cryptocurrency restrictions, Mr Bawa said it limited internet fraudsters’ ability to convert it to naira.
The CBN had in February banned Nigerians from buying and selling cryptocurrencies.
In a circular seen by Peoples Gazette, the bank ordered deposit money banks, non-bank financial institutions, and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”
However, CBN in June disclosed plans to launch its own digital currency by the end of 2021.
Meanwhile, the EFCC in April warned Nigerians against investing in fraudulent investment schemes that promise high returns to investors.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Hot news Home top
Tinubu will win re-election in 2027 easily, Wike boasts
Mr Wike stated, ““2023 election was a tough one for him. Nobody knew what the government at the time was trying to do, and even governors were afraid.”
States
NBA urges Kaduna govt to extend interventions in judiciary to lower courts
Mr Aliyu commended the governor for providing 40 official vehicles to judges of the High Court, Shari’ah Court of Appeal, and Customary Court of Appeal.
Heading 1
Wike orders demolition of houses blocking drainage channels after flood overruns Abuja
Mr Wike stated, “We will demolish all those houses found on the water channels. Some of them are (owned by) senators. Some of them are (owned by) big men.
Heading 2
NDLEA intercepts 184.50 kilograms of cocaine, nabs cartel leader Afolabi Michael ‘KC Luxury’
The NDLEA said KC Luxury parades “as a social media influencer and businessman dealing in gold, jewellery, and luxury goods.”
Heading 5
Police apprehend two suspected members of Ogun ‘one chance’ syndicate
Mr Babaseyi stated, “Efforts are currently being intensified by operatives to track down and apprehend other fleeing members of the syndicate.”
Lagos
APC chieftain seeks centralisation of party campaign structure
Mr Sewedo said that there were too many independent campaign groups under the APC.
