The {Economic} and {Financial} Crimes Fee (EFCC) has introduced the arrest of 120 suspected web fraudsters, comprising 95 males and 25 females, at varied places in Lagos.
Operatives of the Lagos Zonal Directorate 1 of the EFCC facilitated the arrest, in line with an announcement by the Fee on Monday.
The suspects have been mentioned to be arrested on Monday, Might 19, 2025, following credible intelligence and thorough surveillance relating to their alleged involvement in internet-related fraud.
Deliberate Arraignment
The EFCC disclosed that objects recovered in the course of the coordinated operation embody 26 unique vehicles and costly jewelries, smartphones, laptops, and several other incriminating paperwork.
- The Fee assured that the suspects are at the moment present process additional investigation into their respective alleged involvement in crime.
- The EFCC promised to arraign the suspects in court docket upon the conclusion of the investigation.
Associated Improvement
Recall that operatives of the {Economic} and {Financial} Crimes Fee, EFCC, had on March 24, 2025, arrested 133 suspects, after busting a Ponzi Scheme Academy in Abuja, hinting at their arraignment.
In response to the Fee, the suspects have been arrested on the Compensation Structure within the Gwagwalada space of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
The EFCC had disclosed that it carried out the operation in collaboration with officers and males of the 176 Guards Battalion, Nigerian Military.
Extra Insights
The event is going on about months after the EFCC disclosed the arrest of 28 alleged Ponzi scheme operators in Minna, Niger State.
- In response to the EFCC, the suspects’ arrest adopted credible intelligence that linked them to fraudulent funding actions with an organization, Q-Web Ltd.
- The authorized scrutiny towards Ponzi schemes and web fraud took a brand new dimension following the passage of the Investments and Securities Repeal and Re-enactment Invoice, 2024, by the Senate in early December 2024.
- The invoice, aimed amongst different issues, to clamp down closely on operators of Ponzi schemes and different illicit actions within the nation.
The invoice proposed by the Nigerian SEC below Mr. Emomotimi Agama proposed a 10-year jail time period for convicted Ponzi scheme operators and about $12,000 (20 million) in fines.
- The Nigerian SEC beforehand introduced this invoice earlier than the previous president of Nigeria, Muhammadu Buhari, and said that the aim of the invoice was to make the Nigerian securities market aggressive.
- Stakeholders and energetic members hailed this invoice, saying that the invoice will assist mitigate the menace of unhealthy actors who swindle most people.
- The invoice was handed on the plenary session following the adoption of the report from the Committee on Capital Markets, chaired by Senator Osita Izunaso (APC-Imo).
It was sponsored by Senator Bamidele Opeyemi and co-sponsored by Izunaso.
