The International Criminal Police Organisation (INTERPOL) has dismantled a Nigerian network involved in money mule recruitment and laundering funds from online financial fraud victims across Europe.
The operation identified more than 25 syndicate members. Data from seized computers and phones revealed large transfers to Nigerian bank accounts, cryptocurrency transactions, and sophisticated money laundering operations.
This operation was part of a global law enforcement effort targeting West African organised crime groups, including Black Axe. It led to hundreds of arrests, the seizure of assets worth $3 million, and the dismantling of multiple criminal networks around the world.
Operation Jackal III ran from 10 April to 3 July across 21 countries on five continents. It targeted online financial fraud and the West African syndicates behind it. The operation resulted in approximately 300 arrests, identified over 400 additional suspects, and blocked more than 720 bank accounts.
Isaac Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), said, “The volume of financial fraud stemming from West Africa is alarming and increasing. This operation’s results underscore the critical need for international law enforcement collaboration to combat these extensive criminal networks.
“By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organised crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world.”
Fraud has surged since 2020 due to the growth of electronic payments. Fraud losses in Nigeria have risen by 496.96 percent over the past five years, with at least N59 billion have been lost.
According to INTERPOL, Black Axe is one of the most prominent West African transnational organised crime syndicates, with operations in cyber fraud, human trafficking, drug smuggling, and violent crimes both in Africa and beyond.
In Argentina, Operation Jackal III saw the dismantling of a Nigerian-led transnational criminal network following a five-year investigation. $1.2 million was seized in ‘supernotes’ — high-quality counterfeit banknotes — arrested 72 suspects and froze approximately 100 bank accounts.
This network used money mules to open bank accounts worldwide and is now under investigation in over 40 countries for related money laundering activities. The suspects include citizens from Argentina, Colombia, Nigeria and Venezuela.
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About 160 fraud victims suffered significant financial losses, with some forced to sell their homes or take out large loans. Diego Verdun, Head of Argentina’s National Central Bureau, said, “Operation Jackal is a crucial step forward in combating West African online financial fraud and clearly demonstrates that cybercriminals cannot escape the watchful eye of INTERPOL’s 196 member countries – especially in Argentina.
“By following illegal money trails worldwide, INTERPOL and the global police community ensure that no matter where these criminals try to hide, they will be relentlessly pursued and brought to justice.”
Stanley Jacob, chief executive officer of Zest and Vice President of the Fintech Association of Nigeria, recently noted that the rise in fraud cases is affecting the fintech ecosystem.
The success of INTERPOL’s Operation Jackal III follows the success of a June operation targeting online scams in 61 countries, which led to the freezing of 6,745 bank accounts and the seizure of assets worth $257 million.
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