The Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has traced more than ₦3.6 billion in suspected criminal proceeds that were allegedly converted into cryptocurrency, the police have disclosed.

The Assistant Inspector-General of Police overseeing the NPF-NCCC, AIG Akaninyene Ezima, disclosed on Wednesday during a press briefing in Abuja.

According to Ezima, the development followed intelligence-led investigations supported by digital forensics, financial investigations and open-source intelligence, as well as continued cooperation with law enforcement agencies in Nigeria and abroad.

He said the results also demonstrated the commitment of the Inspector-General of Police, IGP Olatunji Rilwan Disu, to improving the Nigeria Police Force’s ability to combat technology-enabled offences and break up transnational criminal networks.

Among the cases highlighted was the arrest of Kelechi Sistus Ihekaire, the sole proprietor of Kestart Technology, over an alleged international cyber-enabled investment fraud and money laundering operation.

The case began after the police received a petition over an alleged investment scheme operated through WhatsApp. Investigators said victims were reportedly defrauded of ₦56.29 million through the scheme.

The police said the money was moved into accounts controlled by entities identified as JPM Enterprise Trading, Ahmad Digital Business and JPM Pro Online Venture.

Investigators subsequently alleged that Kestart Technology functioned as a terminal off-ramp through which proceeds associated with the syndicate were processed.

A reconstruction of Kestart Technology’s account at Save Heaven Microfinance Bank reportedly revealed terminal cash-out inflows and outflows of about ₦3.62 billion between October 30, 2025, and May 31, 2026.

The police further said the suspected proceeds were converted into Tether (USDT) stablecoins using peer-to-peer transactions on Bybit, allegedly to make the movement of the funds harder to trace.

Ihekaire was arrested on August 13, 2026, in Agiliti, Lagos.

According to the police, he acknowledged ownership of Kestart Technology and admitted to participating in peer-to-peer cryptocurrency trading on Bybit.

The NPF-NCCC also reported progress in a separate investigation into a sophisticated Business Email Compromise (BEC) syndicate being handled under the codename Operation Broken Mask.

The investigation was conducted in collaboration with the German Federal Police, Bundeskriminalamt (BKA), and the Royal Canadian Mounted Police (RCMP), through the Budapest Convention 24/7 Network.

As part of the operation, the security agencies uncovered more than 12.5 million victim email logs. The victims were traced to more than 50 countries, including Canada, Germany, the United States, India, France and the Netherlands.

Source: Leadership.n