A 22-year-old suspected internet fraudster has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged cybercrimes amounting to a staggering ₦5 billion in financial turnover.
The suspect, whose identity is being withheld pending further investigations, was apprehended in Lagos following months of surveillance and intelligence gathering by the anti-graft agency.
According to EFCC Chairman, Olanipekun Olukoyede, who spoke during an interview with TVC news, noted that the young man operated an elaborate network of fake investment platforms and foreign exchange scams targeting unsuspecting victims both in Nigeria and abroad.
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“He was living a lavish lifestyle—expensive cars, luxury apartments, and high-end gadgets—but all of it was funded through deception.”
EFCC investigators revealed that the suspect’s digital footprints showed large volumes of cryptocurrency transactions, including bitcoin wallets used to launder funds obtained through fraudulent means.
He reportedly used social media platforms and cloned websites to trick victims into fake business deals and Ponzi schemes.
In a shocking twist, Kayode stated that the young man’s turnover reached an estimated ₦5 billion over a period of two years—making him one of the most financially successful internet fraudsters apprehended in recent times.
EFCC confirmed that several luxury vehicles and electronic devices were seized during the arrest.
The suspect is expected to face multiple charges, including cybercrime, obtaining under false pretenses, and money laundering.
“We want this to serve as a warning to others.
The Commission is scaling up its efforts to dismantle cybercrime syndicates, especially those involving young Nigerians who see fraud as a shortcut to success,” Kayode added.
The case is currently under investigation, and the suspect will be arraigned in court once charges are finalized.
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