$15bn Fraud: More Than 300 Accounts Frozen Over Suspicious FX Flows – EFCC

Over $15bn passed through one of the platforms in the last year, outside the financial regulations

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the anti-graft agency has discovered another worse scheme other than crypto trading platform Binance and its system.

The anti-graft agency boss said the Commission has frozen about 300 accounts to ensure the safety of the foreign exchange market.

The scheme, popularly called the “P to P” peer- peer financial trading scheme, has reportedly operated outside the official banking and financial corridors and there was a looming disaster that could further crashed the Naira value that has continued to gain.

“There are people in this country doing worse than Binance,” he said, adding that over $15bn passed through one of the platforms in the last one year, outside the financial regulations.