EFCC Uncovers New Illegal Financial Trading Scheme

To safeguard the FX market, the EFCC freezes 300 accounts after discovering a new unlawful financial trading operation.

A new financial scheme that is more worrisome than the Binance trading platform and its activities has been discovered by the Economic and Financial Crimes Commission (EFCC).

According to the EFCC, in order to protect the foreign exchange market, it has frozen 300 accounts.

The Nigerian economy's stability is seriously threatened by this new scheme, which goes by the name of ‘P to P’ (peer-to-peer) illicit financial trading system. It works outside of established banking channels.

Olukoyede stated that over $15 billion has passed through one of these platforms in the last year, dodging financial restrictions, and that certain people in Nigeria are involved in unlawful operations that are more serious than those connected to Binance.

In a related development, Nadeem Anjarwalla, an executive associated with Binance, was apprehended by the Kenya Police Service as he attempted to evade legal custody in Nigeria.

Following this arrest, Interpol has expedited the process of extraditing Anjarwalla back to Nigeria, aided by collaborative efforts among the EFCC, Interpol, Nigeria Police Force, and Kenya Police Service.

According to government sources, Anjarwalla's location was traced to Kenya after he managed to escape Nigerian authorities.

Charges against Anjarwalla and his accomplices, including Tigran Gambaryan, involve allegations of tax evasion, currency speculation, and money laundering amounting to $35.4 million.

While Gambaryan is currently detained, Anjarwalla's extradition is underway with the cooperation of international law enforcement agencies such as the United States' Federal Bureau of Investigation (FBI), and the governments of the United Kingdom, Northern Ireland, and Kenya.

Anjarwalla's upcoming arraignment, however, underscores the determination of law enforcement to stop financial malfeasance and guarantee accountability in the banking industry.