The Nigeria Police Force National Cybercrimes Centre (NPF-NCCC) has arrested seven individuals suspected of involvement in cryptocurrency money laundering, business email scams, investment fraud, and other internet-related crimes.

Akaninyene Ezima, Assistant Inspector-General of Police and head of the NPF-NCCC, announced the arrests on Wednesday in Abuja.

₦3.6 billion converted to USDT through Bybit P2P

A central case involves the owner of a technology company accused of converting approximately ₦3.6 billion in suspected illegal crypto funds into Tether (USDT) stablecoins through peer-to-peer transactions on the cryptocurrency exchange Bybit. The suspect was arrested on August 13 in Agiliti, Lagos, as part of an investigation into an international investment fraud and money laundering scheme.

The probe began after a petition filed by Ugwu Francisca & Co. on behalf of Elizabeth and Prince Iruaregbon, who said they lost ₦56.3 million after investing in a WhatsApp-based stock trading platform that promised high returns. Authorities traced the lost funds to accounts connected to the suspect's operations.

According to the NPF-NCCC, the suspect's technology company allegedly served as a channel for moving the suspected illicit money. A review of the company's account at Save Heaven Microfinance Bank showed cash inflows and outflows totalling ₦3.2 billion between October 30, 2025, and May 31, 2026. Investigators further determined that around ₦3.6 billion was converted into USDT through Bybit transactions.

Ezima said the suspect admitted to owning Kestart Technology and participating in peer-to-peer cryptocurrency trading on Bybit. Police clarified that neither Bybit nor any of the other financial or technology platforms mentioned are accused of participating in the alleged fraud.

Business email scam suspect tied to 12.5 million email logs

In a separate investigation, police arrested a suspect after Germany's Federal Criminal Police Office, the Bundeskriminalamt (BKA), requested assistance in tracing data linked to an IP address used in a business email scam. The operation, code-named Operation Broken Mask, was a collaboration among the BKA, the Royal Canadian Mounted Police, and local authorities under the Budapest Convention 24/7 Network.

The suspect was taken into custody on July 20 at his home in Megamound Estate, Lekki, Lagos. Police said forensic analysis of devices seized during the operation revealed more than 12.5 million email logs from victims in over 50 countries. The suspect is accused of using phishing kits obtained via Telegram to steal Microsoft 365 credentials from employees at various companies, causing losses exceeding ₦100 million.

The suspect's Bank Verification Number (BVN) was also linked to accounts across six financial institutions and fintech platforms, including Guaranty Trust Bank, Zenith Bank, FairMoney, Carbon, OPay, and PalmPay.

Two held in Anambra over impersonation of permanent secretary

In a related case, the NPF-NCCC announced the arrest of two suspects in Anambra for identity theft, impersonation, and computer fraud. The arrests followed a complaint about the impersonation of Faruk Yabo, a permanent secretary in the Federal Ministry of Solid Minerals Development, on WhatsApp and Facebook.

During the investigation, police recovered both registered and unregistered SIM cards from MTN and Airtel, along with an MTN toolkit.

The cases highlight a growing trend of law enforcement tracing cybercrime activity and fraud proceeds across bank accounts, fintech platforms, messaging services, and cryptocurrency markets, especially as suspects increasingly move funds and identities through multiple digital channels.

Source: TheCable