Magu: $314,000 from internet fraudsters through EFCC-FBI collaboration

The acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, says the collaboration between his establishment and the Federal Bureau of Investigations (FBI) has led to the recovery of the sums of $314 million from perpetrators of computer-related fraud.

Magu disclosed that a total N373 million was also recovered from internet fraudsters.

Magu said while the sum of $314,000 had been recovered, the sum of N373 million had been traced to various commercial banks by the Lagos Zonal office of the Commission.

He noted that the recent joint operations coordinated by the Commission had yielded 28 arrests, adding that 14 suspects had been charged and convicted.

The EFCC chair further stated that nnine of the suspects are currently undergoing trial, while five are still under investigations.

Speaking during a media briefing in Lagos on Tuesday, August 27, 2019, Magu, noted that over 80 cases are still under investigation from the EFCC-FBI joint operations.

Represented by Mohammed Rabo, the Zonal Head of the EFCC, Magu noted that the Lagos zone of the commission, prior to the collaborative efforts with the FBI, had independently launched a sustained operation on perpetrators of various computer-related frauds.

“From 2018 to date, the EFCC had launched a sustained operation on perpetrators of various computer-related frauds, which resulted in over 200 arrests, 130 convictions and recovery of a large number of exotic cars and properties suspected to have been acquired through the proceeds of crime," he said.

ALSO READ: EFCC smokes out suspected internet fraudsters in Calabar

“We had independently launched intensive investigative actions against the infamous Yahoo yahoo boys culminating in various strategic raids and onslaught on their hideouts.

“Our efforts in this regard have recorded tremendous successes leading to a number of arrests, prosecutions and convictions.”

Magu also called on the media to continue to lend its voice to the fight against corruption and economic and financial crimes, saying that “no one has the monopoly of knowledge of how the fight should be fought and won.

He also reiterated that the commission would leave no stone unturned towards stamping out corruption and economic and financial crimes from our society.