BREAKING: EFCC Cracks down on 'yahoo boys', refunds over $120k, ₦70 million to foreign victims

In a decisive move against financial crimes, the Economic and Financial Crimes Commission (EFCC) has returned a total of $120,548.43 and ₦70,602,841.46 to foreign victims who fell prey to Nigerian fraudsters, commonly referred to as 'Yahoo Boys.'

The funds were restituted to victims from the United States, Spain, and Switzerland.

EFCC Returns Over $120, 000, ₦70 Million to Foreign Victims Defrauded by 'Yahoo Boys'
Source: UGC

Commitment to Justice and Accountability

Speaking on the development, EFCC Chairman, Ola Olukoyede, emphasized the agency’s dedication to fighting financial fraud and ensuring that victims receive justice.

“Our mandate is not only to apprehend criminals but also to ensure that victims of financial crimes receive restitution. The return of these funds is a testament to our relentless pursuit of justice,” Olukoyede stated.

How the Victims Were Defrauded

According to EFCC investigators, the affected individuals were deceived through various online schemes, including romance scams, business fraud, and fake investment opportunities. The fraudsters, operating within Nigeria, lured their victims into transferring large sums of money under false pretenses.

One of the victims, an American citizen, recounted the ordeal, saying, “I trusted someone I met online who claimed to be a business investor. It turned out to be a sophisticated scam. I am grateful to the EFCC for their efforts in recovering my funds.”

EFCC’s Continued Efforts Against Cybercrime

The EFCC reaffirmed its commitment to combating cybercrime, warning individuals engaged in fraudulent activities to desist or face the full wrath of the law.

“The agency remains vigilant and proactive in tracking down perpetrators of financial fraud. We encourage victims to come forward and report any fraudulent activity,” EFCC spokesperson, Dele Oyewale, said.

The EFCC has been ramping up its crackdown on cybercriminals, with multiple arrests and prosecutions recorded in recent months. Officials also highlighted ongoing collaborations with international law enforcement agencies to curb transnational financial crimes.

Foreign Governments Applaud EFCC’s Efforts

Officials from the U.S., Spain, and Switzerland expressed their appreciation for the EFCC’s intervention and the return of stolen funds.

A representative of the U.S. Embassy in Nigeria remarked, “The EFCC’s commitment to justice strengthens international confidence in Nigeria’s fight against cybercrime. We commend their efforts in ensuring that victims are compensated.”

More Funds to Be Recovered

The EFCC assured that investigations are ongoing to trace and recover more stolen funds from cyber fraud operations.

“As long as fraudsters continue to exploit unsuspecting victims, we will not relent in our efforts to bring them to justice and return what was stolen,” Olukoyede concluded.

The commission urged the public to remain vigilant against online scams and report suspicious activities to law enforcement authorities.

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Source: Legit.ng