Nigerian Trio Allegedly Uses Money Laundering Proceeds to Buy Bitcoins Worth Over $43 Million – Regulation Bitcoin News

The money laundering proceeds of three Nigerian citizens were used to purchase bitcoins worth more than $43 million on cryptocurrency exchange platforms such as Binance and Busha. They are accused of moving more than $215 million between Nigeria and Kenya in the period October 2020 to November 2020.

A powerful Kenyan politician assists the money launderers

Interpol, an international law enforcement agency is looking to close a case that involves three Nigerian nationals who are believed to be using money laundering proceeds in order to purchase bitcoins valued at more than $43million. The Nigerian trio are being accused by three Kenyans, including a powerful Kenyan politician.

Interpol’s investigation found that they could have sent more than $215million (25 billion Kenyan rands) to Nigeria between October and November 2020.

Olubunmi Okinyemiju Olufemi Olukunmi demuren and Eghosasere Nehikhare went on a Bitcoin buying spree once the money was in Kenya. The three men are said to have purchased bitcoins worth $36,353,728 through the U.S. branch of Binance. Binance was one of largest cryptocurrency exchanges according to traded volumes. Another cryptocurrency exchange, Busha, was purchased with $7,246,582.

Six Bank Accounts Are Freezed By Authorities

The report stated that the three men allegedly distributed bitcoins to their wallets after acquiring them. This was in an effort to hide the fact they had acquired the cryptocurrency. The Kenyan publication stated that they could not determine how many bitcoins each of the Nigerians had purchased on Bitpesa in Kenya and Quidax.

The report said the Nigerian trio had managed to successfully move funds using the pretext they were “same company fund transfers.” However, the size of the funds transfers eventually aroused the interest of Interpol.

Following the Interpol investigation, Kenya’s Assets Recovery Agency (ARA) is reported to have obtained a court ruling which authorized it to freeze six bank accounts belonging to six companies that are linked to the alleged money launderers.

The Nation Report identified Evalyne Wawira Wachira Gachoki and Pauline Wachiru Wachira Wachira as Kenyan citizens who may have helped the Nigerian trio move the funds.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.