By John Ikani
International police have dealt a blow to online financial fraudsters in a sting operation codenamed “Operation Jackal III.”
The operation, which ran from April 10th to July 3rd, spanned 21 countries across five continents and targeted West African criminal syndicates.
INTERPOL, the International Criminal Police Organization, announced the successful outcome of the operation noting that “Over 720 bank accounts linked to online financial scams were frozen, hundreds of arrests were made, and assets worth $3 million were seized.”
The crackdown also dismantled criminal networks operating around the world.
Nigerian Network Busted
Working with Portuguese authorities, INTERPOL dismantled a Nigerian network specializing in money laundering. This network recruited “money mules” to launder funds stolen from online fraud victims across Europe.
Data seized from devices belonging to the syndicate revealed large transfers to Nigerian bank accounts, cryptocurrency transactions, and complex money laundering schemes. More than 25 members of the network were identified.
International Collaboration Key
“The alarming rise in online financial fraud originating from West Africa necessitates robust international collaboration among law enforcement agencies,” said Isaac Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC).
“Operation Jackal III’s success highlights the importance of this collaboration in combating these extensive criminal networks.”
Oginni further emphasized that apprehending suspects, recovering stolen funds, and dismantling criminal leadership weaken their influence and protect communities worldwide.
Argentina Operation Nets Counterfeiters
In Argentina, Operation Jackal III led to the dismantling of a Nigerian-led transnational criminal network after a five-year investigation.
The country’s Federal Police seized $1.2 million in high-quality counterfeit bills known as “supernotes,” arrested 72 suspects, and froze roughly 100 bank accounts.
Global Reach of the Network
The network, currently under investigation in over 40 countries for money laundering, used “money mules” to establish bank accounts worldwide.
Suspects include citizens from Argentina, Colombia, Nigeria, and Venezuela. The operation revealed that over 160 victims suffered significant financial losses, with some forced to sell their homes or take on large loans.
Continuing the Fight
The takedown of these online fraudsters comes amidst a surge in global online financial scams.
In a similar operation concluded last December, INTERPOL led a transcontinental effort that resulted in 3,500 arrests and the seizure of $300 million worth of assets across 34 countries, including Nigeria and Ghana.
