The Economic and Financial Crimes Commission has linked a new-generation commercial bank, six fintech firms, and several microfinance banks to a major financial fraud involving cryptocurrency transactions worth N162 billion.

The disclosure was made on Thursday during a press briefing at the EFCC headquarters in Abuja.

EFCC Director of Public Affairs, Mr. Wilson Uwujaren, said the implicated institutions failed to carry out proper customer due diligence, allowing fraudsters to launder illicit funds through the financial system.

According to Uwujaren, the affected institutions allegedly permitted suspicious transactions on their platforms during the 2024/2025 financial year, in violation of established Know-Your-Customer and anti-money laundering regulations.

He added that EFCC investigations uncovered significant lapses in the internal controls of these institutions, which enabled criminals to convert fraud proceeds into digital assets and transfer them to undisclosed locations.

“A total sum of N18.1 billion was moved through the financial system without due diligence of customers by the banks,” he said.

“It is particularly worrisome that cryptocurrency transactions amounting to N162 billion passed through a new-generation bank without any form of due diligence.”

He also disclosed that the Commission identified a case where one individual controlled 960 accounts at a single bank, all allegedly used to carry out fraudulent transactions.