FBI Fraud Arrests: EFCC On The Trail Of Nigeria-based Associated Yahoo Boys

The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has disclosed that the agency is collating comprehensive data on the Nigerians indicted in the recently busted money laundering and cyber crime offences in the United States.

FBI Fraud Arrests: EFCC On The Trail Of Nigeria-based Associated Yahoo Boys 1Eighty suspects, most of them Nigerians, were allegedly involved in the crimes investigated by the Federal Bureau of Investigation, FBI, in the U.S.

Magu who spoke through the Head of the Ibadan zonal office, Friday Ebelo, during a press conference in Ibadan, Oyo State, said the massive data collection was part of the collaborative activities between the EFCC and FBI to ensure that criminal elements are exposed and made to pay for their crimes.

Journalists in attendance at the event were held spellbound when Ebelo took them through the intricate connections between the local Yahoo Boys and their offshore criminal collaborators.

FBI Fraud Arrests: EFCC On The Trail Of Nigeria-based Associated Yahoo Boys 2

According to him, the essence the data mining exercise was to establish any form of relationship the indicted individuals may have with Nigeria-based suspects, and how this could help in furthering the fight against economic and financial crimes in the country.

He said some of the information earlier collected have led to the arrest of many internet fraudsters, adding that one of the kingpins was nabbed during a recent raid in Ado-Ekiti, Ekiti State. The kingpin Ajayi Gbenga Festus, he added, was found to be deeply involved in many internet-related frauds from which he had benefited up to N75 million in the last eight months.

FBI Fraud Arrests: EFCC On The Trail Of Nigeria-based Associated Yahoo Boys 3
Federal agents hold a detainee, second from left, at a downtown Los Angeles parking lot after predawn raids that saw dozens of people arrested in the L.A. area Thursday, Aug. 22, 2019. U.S. authorities have unsealed a 252-count federal grand jury indictment charging 80 people with participating in a conspiracy to steal millions of dollars through a range of fraud schemes and laundering the funds through a Los Angeles-based network. The U.S. Attorney’s Office says Thursday most of the defendants are Nigerian nationals.

“We were able to establish a number of illicit transactions through his Nigerian bank account amounting to over N223 million. Ajayi serves as conduit pipe through which proceeds of crime reach members of the syndicate,” he stated. Ebelo also disclosed that in the course of the year, the zone arrested 263 suspects for cyber crimes. Of this number, 111 were convicted.

Apart from landed properties, vehicles, laptops and other valuables forfeited on the order of court, huge sums of money in local and foreign currencies traced to internet fraud were also recovered.FBI Fraud Arrests: EFCC On The Trail Of Nigeria-based Associated Yahoo Boys 4Photo Credit: Getty

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