The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised serious alarms regarding the rising trend of fraudulent politicians and scammers using virtual assets like cryptocurrency to hide illicit wealth and perpetrate investment fraud. Speaking at the Africa Anti-Corruption Day event in Gombe, Olukoyede revealed that some politically exposed individuals are leveraging digital assets to dodge scrutiny from anti-corruption agencies.
“Our findings indicate that fraudulent politicians are perfecting schemes to conceal their loot in cryptocurrencies, escaping the investigative dragnets of our agencies,” he stated. He highlighted the difficulty in tracing stolen funds and unexplained wealth as they are increasingly stored in digital wallets and routed through blockchain platforms.
Despite the complexities of these digital crimes, Olukoyede assured Nigerians that the EFCC is well-prepared to combat such threats. He cited the recent success in dismantling the notorious CBEX scam as evidence of the Commission’s operational effectiveness.
The EFCC Chief also expressed concern over the rapid proliferation of investment fraud across Africa, particularly Ponzi schemes exploiting vulnerable investors. He urged the public to conduct due diligence before investing and to report suspicious activities promptly, emphasizing that many scams thrive on investor negligence.
“No investment scam can succeed without the negligence of investors,” Olukoyede warned. He concluded by urging open dialogue and education on the intricacies of virtual assets, calling for a collective effort to close the window of ignorance that fraudsters exploit to deceive innocent individuals.
As experts shared insights on investment fraud and virtual assets, the message was clear: knowledge is the best defense against deceit in the digital age.
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