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EFCC Freezes 300 Accounts, Discovers New Financial Scheme

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed the discovery of a more concerning scheme than the crypto trading platform Binance and its operations. The anti-graft agency has taken action by freezing approximately 300 accounts to safeguard the foreign exchange market.

This new scheme, known as the “P to P” peer-to-peer financial trading scheme, operates outside the official banking and financial channels, posing a significant risk that could further destabilize the value of the Naira, which has been under pressure.

Olukoyede emphasized that there are individuals in the country engaged in activities more detrimental than those associated with Binance. He disclosed that one of the platforms involved in this scheme processed over N150 billion in transactions over the past year, circumventing financial regulations.

In a related development, Nadeem Anjarwalla, an executive of the cryptocurrency platform Binance, who had fled Nigeria, was reportedly arrested by the police authorities in Kenya. Anjarwalla’s escape from Nigeria occurred amidst the Federal Government’s crackdown on the cryptocurrency platform to bolster the Naira.

Following his escape, Anjarwalla was traced to Kenya, where he is now in the custody of the Kenyan police. Efforts are underway by the EFCC, the International Criminal Police, the Nigeria Police Force, and the Kenyan Police Service to extradite Anjarwalla back to Nigeria for prosecution.

The EFCC’s bulletin for the month confirmed plans to extradite Anjarwalla, highlighting the agency’s commitment to combat distortions and disruptions in the country’s forex market. The charges against Binance Holdings Limited, Tigran Gambaryan, and Nadeem Anjarwalla include tax evasion, currency speculation, and money laundering amounting to $35,400,000.

Anjarwalla, who holds British and Kenyan citizenship and serves as Binance’s Africa Regional Manager, had escaped while under a 14-day remand order by a court in Nigeria. The intensified crackdown on Binance by the Nigerian government is part of efforts to address financial irregularities, with the Central Bank of Nigeria alleging that over $26 billion was funneled through Binance without proper documentation.

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