INTERPOL has blocked more than 720 bank accounts associated with online financial fraud across West African countries.
This action follows the conclusion of ‘Operation Jackal III’, a global sting operation conducted from April 10 to July 3 across 21 countries on five continents.
The operation specifically targeted online financial fraud perpetrated by West African syndicates.
According to a statement from INTERPOL, the initiative resulted in hundreds of arrests, the confiscation of assets totaling USD 3 million, and the dismantling of multiple criminal networks worldwide.
Nigerian network busted
INTERPOL further disclosed that Portuguese criminal police, which it worked with, dismantled a Nigerian network involved in money mule recruitment, laundering funds from online financial fraud victims across Europe. More than 25 syndicate members were identified in the process.
“Data from seized computers and phones revealed large transfers to Nigerian bank accounts, cryptocurrency transactions, and sophisticated money laundering operations,” it stated.
Commenting on the operations, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), Isaac Oginni, 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 organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world.”
Burst Argentina
In Argentina, following a five-year investigation, the police cracked down on Black Axe and seized $ 1.2 million in high-quality counterfeit banknotes, arrested 72 suspects and froze approximately 100 bank accounts.
Interpol, which has 196 member countries and celebrated its centennial last year, works to help national police forces communicate with each other and track suspects and criminals in fields like counterterrorism, financial crime, child pornography, cybercrime and organized crime.
The world’s biggest — if not best-funded — police organization has been grappling with new challenges including a growing caseload of cybercrime and child sex abuse, and increasing divisions among its member countries.
Interpol had a total budget of about 176 million euros (about $188 million) last year, compared to more than 200 million euros at the European Union’s police agency, Europol, and some $11 billion at the FBI in the United States.
Background
The crackdown on international online fraudsters comes amid a rise in online financial fraud across the globe.
In a similar operation concluded in December 2023, the INTERPOL said the transcontinental police operation against online financial crime led to 3,500 arrests and seizures of $300 million worth of assets across 34 countries including Nigeria and Ghana.
The six-month Operation HAECHI IV (July-December 2023) targeted seven types of cyber-enabled scams: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud.
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