EFCC Indicts Banks and Fintechs Over N162 Billion Crypto Fraud

The Economic and Financial Crimes Commission (EFCC) has indicted several banks, fintech firms, and microfinance banks for their alleged involvement in a N162 billion cryptocurrency fraud and money laundering scheme. The EFCC's Director of Public Affairs, Mr.

Wilson Uwujaren, revealed that financial institutions allowed illicit cryptocurrency transactions totaling N162 billion without proper due diligence, enabling fraudsters to convert funds into digital assets. The EFCC recovered N33.62 million and exposed two major fraudulent schemes that defrauded victims through fake investment platforms and airline discount scams.

The scams resulted in losses of millions for over 700 victims.