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The Economic and Financial Crimes Commission has arrested one Precious Omonkhoa for an alleged $200,000 (about N108 million) bitcoin investment scam.

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Omonkhoa was arrested on November 8, 2021, in the Ikoyi area of Lagos, following credible intelligence received by the commission about his illegal activities.

He allegedly posed as Moshem Cinch, a Swedish national, to defraud unsuspecting victims of their hard-earned money by claiming that he runs a bitcoin scheme, where investors get huge returns.
A statement on Friday by the EFCC spokesman, Wilson Uwujaren, titled, ‘EFCC arrests man for $200,000 cryptocurrency fraud in Lagos,’ said the preliminary investigation also revealed that the suspect engaged in a dating scam and had defrauded two victims in Canada.

A statement on Friday by the EFCC spokesman, Wilson Uwujaren, titled, ‘EFCC arrests man for $200,000 cryptocurrency fraud in Lagos,’ said the preliminary investigation also revealed that the suspect engaged in a dating scam and had defrauded two victims in Canada.

The anti-graft commission said, “Upon his arrest, the suspect confessed to have laundered the proceeds of his fraudulent activities by purchasing a piece of land worth $150,000USD through bitcoin from CASA-Cubana, a project being run by the Cubana Group.

“The sum of $50,000 was found in his bitcoin wallet. The suspect will soon be charged to court.”

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