Crime

On April 25, 2022, suspected fraudsters, during a three-day cyber-attack, hacked a customer’s account domiciled in an old generation Nigerian bank and fraudulently transferred N523,337,100 from the account to 18 different accounts in the same bank. According to SP Eyitayo Johnson, the spokesperson for the Police Special Fraud Unit in…

On Wednesday, a multi-million dollar hack on the Solana network occurred as shocked customers discovered that their wallets had been emptied entirely. In a successful smash-and-grab raid on user wallets, the hacker stole about $6 million. While the precise attack method is yet unknown, discussion about the root cause is…

Two Nigerian fintech founders, Anslem Oshionebo and Opeyemi Odelay of a US-based money transfer company have been sentenced to a total of 8 years in jail at the federal prison. The company, Ping Express said in documents filed with a US district court that it violated laws against money laundering…

In June 2020, Ramon Abass, widely known as Hushpuppi, was arrested and detained by the FBI in Dubai, United Arab Emirate (UAE) by the Dubai police for internet fraud. He was later extradited to the United States.  The US government accused him of committing a multi-million dollar scam in July…

Most African countries have become home to many internet scammers, and most of the internet scammers are headquartered in West Africa.  As the world advances and changes quickly, these scammers have developed new tactics for committing fraud. Despite an increase in the number of internet frauds, authorities across Africa appear…

At least eight Nigerians who committed various crimes are on Interpol’s most-wanted list.  With 190 member nations working together to prevent and resolve transnational crimes, Interpol is the largest international police organisation in the world. If a criminal is wanted internationally or if the offender flees to another country to…

According to the Attorney-General of the Federation of Nigeria, Abubakar Malami, the federal government has discovered that there is at least $2.5 billion of stolen money that needs to be recovered from various countries around the world. Mr. Malami, who also serves as Minister of Justice, has stated that the…

Nigerians have been defrauded of billions of naira from ponzi schemes by criminals posing as investment portfolio managers.  Nigerians are estimated to have lost N300 billion to Ponzi schemes in the last few years.  In 2016, 3 million investors lost approximately N18 billion to the infamous Marvodi Mundial Movement (MMM). …

The investing industry is one of the most common industries in which CEOs have committed fraud by stealing people’s investments. When we hear of CEOs, we always think of rich elites with forward-thinking companies delivering much-needed public services.  However, money and corruption have played a role in the rise and…

Former Zambian Foreign Affairs Minister, Joseph Malanji, has been arrested for alleged money laundering through his purchase of a $700,000 (K12 million) helicopter. Malanji also came under scrutiny following his ownership of a hotel suspected to have been acquired with embezzled funds. Malanji was arrested by Zambia’s Drug Enforcement Commission’s…