The International Criminal Police Organisation (INTERPOL), in collaboration with the African Union Mechanism for Police Cooperation (AFRIPOL), has arrested several suspects in Nigeria linked to a massive cryptocurrency-based Ponzi scheme believed to have defrauded investors across 17 countries of more than $562 million (about ₦850 billion).
The arrests were made as part of a coordinated two-month operation tagged “Operation Catalyst”, which ran from July to September 2025. The exercise focused on financial crimes tied to terrorism financing, money laundering, and online fraud across Africa.
According to INTERPOL, the operation led to 83 arrests across six African countries — including Nigeria, Kenya, and Angola — and the identification of over 160 persons of interest. Investigators also traced more than $260 million in illicit funds moving through both fiat and cryptocurrency channels.
While the names and nationalities of the arrested suspects were not disclosed, INTERPOL said Nigeria recorded multiple arrests, including 11 suspected terrorists, some of whom were allegedly senior members of extremist organisations.
“Investigators uncovered links between Nigerian participants and a global cryptocurrency Ponzi scheme that posed as a legitimate trading platform but was in fact used to finance terrorism,” INTERPOL said in a statement.
The agency revealed that the fraudulent crypto network operated in at least 17 countries, including Cameroon and Kenya, defrauding more than 100,000 victims worldwide.
INTERPOL said that several high-value crypto wallets associated with the Nigerian suspects are now under forensic examination. Early findings suggest that part of the proceeds from the Ponzi scheme may have been funnelled into terrorism-related activities.
A Red Notice has also been issued for one of the alleged masterminds of the operation, accused of scamming investors of about $5 million through an elaborate web of crypto wallets and exchange platforms designed to hide money trails.
Across the six participating countries, law enforcement agencies screened more than 15,000 individuals and entities and seized at least $600,000 in cash and assets. Efforts are ongoing to trace and recover more funds connected to both terrorism and financial fraud networks.
INTERPOL’s Secretary General, Valdecy Urquiza, hailed the operation as a landmark in global law enforcement cooperation, noting that this is the first time African financial crime, cybercrime, and counter-terrorism units have jointly targeted the financial backbone of terrorist activities.
“Operation Catalyst marks a major step forward in our collective effort to cut off financial flows that sustain terrorism and organised crime,” Urquiza said.
“By sharing intelligence and combining resources, African countries are now better equipped to tackle sophisticated transnational crimes.”
AFRIPOL’s Executive Director, Ambassador Jalel Chelba, praised the synergy among African law enforcement agencies, describing it as proof that regional unity can yield effective results against complex financial threats.
“When African security agencies unite, they can mount a decisive and coordinated response to evolving security challenges,” Chelba stated.
The joint operation was supported by cyber intelligence from private sector partners, including Binance, Moody’s, and Uppsala Security, which provided data tracing tools to follow the digital money trail.
The latest crackdown highlights the growing use of cryptocurrencies in fraud and terrorism financing across Africa. In Nigeria, authorities have repeatedly warned citizens about investment schemes promising unrealistic returns through “crypto trading” or “blockchain technology.”
Nigeria, in particular, has been battling a surge in online fraud and crypto-related scams. The Economic and Financial Crimes Commission (EFCC) has, in recent months, intensified efforts to track suspicious financial flows through cryptocurrency platforms.
Operation Catalyst follows another major regional crackdown on cybercrime codenamed “Operation Serengeti 2.0”, conducted between June and August 2025. That exercise led to the arrest of 1,209 suspected cybercriminals and the dismantling of over 11,000 malicious online networks across 18 African countries and the United Kingdom.
INTERPOL said the Serengeti 2.0 operation recovered about $97.4 million linked to various online scams that targeted nearly 88,000 victims, including Nigerians.
INTERPOL confirmed that investigations into the $562 million Ponzi network are ongoing, with more arrests expected as authorities trace hidden assets and digital wallets across jurisdictions.
“Our focus now is to identify all the individuals and entities behind this transnational fraud and ensure victims get justice,” Urquiza said.
