EFCC Recovers $20m Crypto-Currency Loot From Fraudsters- Bawa

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said that the Commission has so far recovered about $20m worth of crypto-currency from fraudsters through its e-wallet.

Bawa disclosed this during an interview aired on Channels Television on Tuesday which was monitored by THE WHISTLER.

He explained that the currency which is not regulated is being used by criminals as an avenue to get proceeds of fraudulent acts.

“As it is today, there is nowhere in the world where crypto-currency is being regulated. The EFCC is looking at an avenue in which people are laundering and receiving proceeds of crime and that is our worry.

“We have seen time and time again where cybercriminals are using this avenue to get their proceeds of crime.

“Before, it used to be through money transfer agencies like Money Gram and of course Western Union. Now they have gone E. They will defraud somebody, get gift cards, exchange them on the dark web, and they will use the proceeds to buy crypto, and they can get it to their e-wallet, and then, of course, they can sell and get their money.

“As it is today, we have about $20m worth of crypto-currency as of last statistics that I have because we also created our own e-wallet to recover crypto-currency,” he said.

Bawa, speaking further said that the commission was in support of the effort of the central bank in placing a ban on the use of crypto-currencies in the country.

He added, “So, we are in support of what the CBN has done because it has limited the ways in which some of these criminals can exchange their crypto and get naira for it.”