Nigerian police have confirmed the arrest of Linus Williams, a self-proclaimed crypto billionaire, after long investigations into his activities.
Williams is under scrutiny for crimes such as fraud, terrorism financing, and failure to comply with legal standards.
The force’s public relations officer, Muyiwa Adejobi, confirmed that the FCID (NPF-NCCC) is investigating complaints against Williams' companies, including BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY.
These complaints involve allegations of cryptocurrency fraud, aiding internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.
Reports indicate that Williams used his company, Blord Group of Companies, to fund terrorism and commit fraud.
Nigeria has seen a significant rise in cryptocurrency crimes over recent years.
Between 2018 and 2023, crimes involving cryptocurrency surged, with $24.2 billion worth of crimes in 2023 and $39.6 billion in 2022, as reported by Chainalysis.
Notable cases include Hushpupi, who was imprisoned for 11 years for cyber fraud, and Mr. Woodberry, who pleaded guilty to wire fraud and forfeited $8 million in proceeds and other luxury commodities.
Williams lived a lavish lifestyle without recognised business activities.
Industry players did not recognise him as a legitimate trader or investor.
Rumours suggest he participated in illegal cryptocurrency exchanges, using local currency to buy Tether [USDT] and Bitcoin [BTC].
This activity is illegal in Nigeria, as major exchange platforms do not allow crypto pairs with the naira.
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