Crime

EFCC Arrests Over 200 Suspects in Forex Scam Crackdown

Written by Jerry Alomatu on May 23, 2024

News Views: 296

The Economic and Financial Crimes Commission (EFCC) has made significant strides in its crackdown on foreign exchange scams and financial market manipulation, with the arrest of over 200 suspects nationwide.

According to undisclosed sources familiar with the matter, the EFCC has detained numerous suspected Bureau De Change operators across various states, including Abuja, Lagos, Rivers, and Kano. These arrests are part of ongoing efforts to address fraudulent activities within the forex market and prevent further exploitation of the financial system.

The intensified clampdown on forex scammers follows recent raids conducted by the EFCC in Lagos, Kano, and Port Harcourt. These operations are aimed at curbing the rampant illegal practices contributing to the depreciation of the naira and disrupting the stability of the financial markets.

In a related development, the Uyo Zonal command of the EFCC apprehended five suspected forex speculators in Aba, Abia State. The suspects were found in possession of various foreign currencies, including Korean won, Chinese yuan, and US dollars, among others. They are currently undergoing interrogation as part of ongoing investigations.

Additionally, the Enugu Zonal Command of the EFCC recently arraigned a forex broker, Daniel Chukwuka Koussou, on charges of criminal conversion and stealing amounting to N112.8 million. Koussou allegedly defrauded a petitioner by diverting funds meant for currency conversion into his personal accounts. He pleaded not guilty and has been remanded pending further legal proceedings.

The recent crackdown underscores the government’s commitment to combatting financial crimes and restoring confidence in the forex market. Despite challenges posed by speculators and digital marketing schemes, authorities remain resolute in their efforts to uphold the integrity of the financial system and protect consumers from fraudulent activities.

Meanwhile, the naira experienced marginal appreciation against the dollar in both official and parallel markets, signaling cautious optimism among traders following recent monetary policy decisions by the Central Bank of Nigeria. While trading activities have slowed, market participants remain vigilant amid ongoing developments in the financial landscape.