Interpol/EFCC Arrest Cyber-Fraud Ringleader in Port Harcourt

Interpol, in collaboration with Nigeria's EFCC, have arrested a 40 year-old Nigerian national, identified as 'Mike'. The accused is alleged to have headed a network of at least 40 individuals that spanned across Nigeria, South Africa and Malaysia.

The crew made $60 million from hundreds of victims worldwide, most of whom were small and medium businesses in Australia, Canada, India, Malaysia, Romania, South Africa, Thailand and the US. One victim alone lost $15.4 million.

The gang was said to be prominent in the field of romance fraud:

"Dating or romance fraud is when you think you’ve met your perfect partner online, but they aren’t who they say they are. Once they’ve gained your trust, they ask for money for a variety of emotive reasons." http://www.actionfraud.police.uk/fraud-az-romance-scams

and the CEO fraud/Business Email Scam:

"The schemers go to great lengths to spoof company e-mail or use social engineering to assume the identity of the CEO, a company attorney, or trusted vendor. They research employees who manage money and use language specific to the company they are targeting, then they request a wire fraud transfer using dollar amounts that lend legitimacy." https://www.fbi.gov/contact-us/field-offices/phoenix/news/press-releases/fbi-warns-of-dramatic-increase-in-business-e-mail-scams

CEOs have lost their jobs for falling prey to such scams in the recent past.
https://afritechnet.blogspot.co.uk/2016/05/facc-ceo-fired.html

The accused is said to have cultivated money laundering contacts in China, Europe and the US who provided bank account details to enable the gang to move their illicit funds around.

Abdul Chukkol, Head of the EFCC’s Cybercrime Section said the transnational nature of business e-mail compromise makes it complex to crack, but the arrest sent a clear signal that Nigeria could not be considered a safe haven for criminals.

'Mike', along with a 38-year-old also arrested by Nigerian authorities, faces charges including hacking, conspiracy and obtaining money under false pretences. Both are currently on administrative bail as the investigation continues.