Corrupted politicians now hide the booty in cryptocurrencies – EFCC

Ola Olukoyed, president, commission for economic and financial crimes (EFCC), said that corrupt politicians do not now hide public funds stolen from cryptocurrencies to evade the probes.

He accused during an Au Anti-Corruption Day Au event on Thursday in Ibadan.

Olukoyede, represented by the Zonal Director of the Commission in his Ibadan office, Hajiya Hauwa Ringim, said that virtual activities were becoming favorite channels to hide illegal wealth.

He described virtual activities as digital monetary representations that could be exchanged or transferred, underlining that, although not criminals, they become dangerous if used fraudulently.

Olukoyede has complained of the growing loss of Africa for illegal financial flows, listing money recycling and digital fraud patterns as important threats to the development of the continent.

He said the EFCC observed an alarming increase in politicians using cryptocurrency portfolios to store inexplicable wealth and facilitate fraudulent investment activities.

The head of the FCC said that the agency was facing the challenge with training and intelligence.

According to him, the commission’s efforts led to discoveries how the investigation of the scam of CBEX investments and the accusation.

Olukoyede warned investors against negligence, stating that most of the scams managed due to the lack of two diligence and delayed the reporting of suspicious transactions to the relevant authorities.

He said that the Ponzi patterns remain widespread, with desperate investors who fall easily prey to fake digital investment promises.

The President of the Commission stated that the fraud of virtual activities could be prevented through the awareness of the public, the proactive measures and the commitment of the parties affected by the anti-innest and regulatory agencies.

Olukoyeda added that the understanding of the digital fraud was crucial, exhorting citizens to acquire knowledge and report shady patterns before intensifying themselves in national scandals.

A professor of criminology at the University of Ibadan, Oludayo Tade, said that Nigerians must pay attention to non -realistic digital investments promises that the fraud signal.

He advised the Nigerians to avoid the patterns that offer suspiciously high returns, warning that 50 % of the profit within a week is clear signs of deception.

Don said that scammers exploit the image of celebrities and influencers to build trust and deceive unaware investors on media platforms.

He invited government agencies to expand the public awareness of the red flags, warning that many victims often made themselves repeatedly for similar scams due to ignorance.

The criminologist urged the authorities to finance investigative efforts and punish offenders, stating that the prevention of fraud was more effective than late execution actions.

The event was present, the special consultant of the Governor of the State Oyo for security, the CP Fatai Owoseni, the security commanders, the civil society organizations, the students, the groups of young people among the other parties concerned.