EFCC links six fintechs, banks to N162 billion crypto-related fraud
The Economic and Financial Crimes Commission (EFCC) has implicated a new-generation commercial bank, six fintech companies, and some microfinance banks in large-scale financial fraud involving cryptocurrency transactions valued at N162 billion.
The Commission disclosed this on Thursday during a press briefing at its headquarters in Abuja.
EFCC Director of Public Affairs, Mr. Wilson Uwujaren, accused the unnamed financial institutions of failing to conduct adequate customer due diligence, thereby enabling fraudsters to launder illicit funds through the financial system.
