Police Uncover N3.6bn Suspected Criminal Proceeds Converted to Cryptocurrency

By Adedapo Adesanya

The Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has traced over N3.6 billion in suspected criminal proceeds converted into cryptocurrency.

The Assistant Inspector-General of Police in charge of the NPF-NCCC, AIG Akaninyene Ezima, disclosed this on Wednesday during a press briefing in Abuja, noting that the successes were achieved through intelligence-led investigations, digital forensics, financial investigations, open-source intelligence and sustained collaboration with local and international law enforcement agencies.

He said the operations reflected the commitment of the Inspector-General of Police (IGP), Mr Tunji Disu, to strengthening the capacity of the Nigeria Police Force to tackle technology-enabled crimes and dismantle transnational criminal networks.

He explained that NPF-NCCC officers arrested a Mr Kelechi Sistus Ihekaire, sole proprietor of Kestart Technology, over an alleged international cyber-enabled investment fraud and money laundering operation.

The investigation followed a petition concerning an alleged WhatsApp-based investment scheme through which victims were reportedly defrauded of N56.29 million.

According to the police, the funds were transferred into accounts operated by entities identified as JPM Enterprise Trading, Ahmad Digital Business and JPM Pro Online Venture.

Further investigation allegedly established that Kestart Technology served as a terminal off-ramp for proceeds linked to the syndicate.

A reconstruction of the company’s account with Save Heaven Microfinance Bank reportedly showed terminal cash-out inflows and outflows totalling approximately N3.62 billion between October 30, 2025 and May 31, 2026.

The police said the suspected proceeds were subsequently converted into Tether (USDT) stablecoins through Bybit peer-to-peer transactions, allegedly in an attempt to make the funds more difficult to trace.

Mr Ihekaire was arrested on August 13, 2026, in Agiliti, Lagos.

The police said he admitted owning Kestart Technology and engaging in peer-to-peer cryptocurrency trading on Bybit.