EFCC chairman Ola Olukoyede has warned that corrupt politicians and fraudsters are now hiding stolen funds in cryptocurrencies to evade detection. He spoke during Africa Anti-Corruption Day in Kaduna.
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that corrupt politicians and fraudsters are now concealing stolen funds in cryptocurrencies to escape detection.
Speaking in Kaduna on Thursday to mark Africa Anti-Corruption Day, Olukoyede, represented by the Commission’s acting Zonal Director, Bawa Kaltungo, said virtual assets fraud and dubious investment schemes are fast emerging as top threats.
“Another rising criminal engagement that has the potential to outpace even money laundering is virtual assets and investment scams,” he said.
He revealed that looters are stashing illicit wealth in crypto wallets and routing payments through blockchain channels.
“Fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies,” he noted.
While acknowledging the complexity of digital assets misuse, he assured that the EFCC has recorded significant breakthroughs, especially in the CBEX scam case, and urged investors to be vigilant and report suspicious transactions early.