The INTERPOL has cracked down on a fraudulent operation run by a West African crime ring called ‘Black Axe’, seizing assets worth US$ 3 million and arresting 300 suspects.
- •The INTERPOL kickstarted ‘Operation Jackal III’ on 10th April this year, collaborating with federal police agencies, financial intelligence units, and private sector partners in 21 countries.
- •The operation targeted individuals in Argentina, Colombia, Venezuela, and Nigeria – tracking the movement of money believed to have been obtained fraudulently across bank accounts in 40 countries.
- •The Argentinian operation saw counterfeit notes worth US$ 1.2 million seized by the country’s federal police, apprehending 72 suspects of the Black Axe ring.
“The volume of financial fraud stemming from West Africa is alarming and increasing This operation’s results underscore the critical need for international law enforcement collaboration to combat these extensive criminal networks,” said Isaac Oginni, director of INTERPOL’s Financial Crime and Anti-Corruption Centre.
More than 720 bank accounts have been frozen as further investigations continue. INTERPOL also established that massive transfers were made to Nigerian bank accounts, crypto outlets, and money laundering hotspots.
“By following illegal money trails worldwide, INTERPOL and the global police community ensure that no matter where these criminals try to hide, they will be relentlessly pursued and brought to justice,” said Diego Verdun, Head of Argentina’s National Central Bureau.
INTERPOL also reports that more than 160 victims have been identified, with about 400 more suspects involved in the fraud ring being pursued. In 2022, INTERPOL nabbed 75 Black Axe suspects for trying to transfer US$ 1 million in fraud money to several accounts.
“By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world,” Oginni said.
Black Axe was formed in 1977 as a confraternity of black students in the University of Benin, Nigeria. Although it began as a Pan-African movement, the organization later morphed into a crime organization with dealings in narcotics, human trafficking, and cyber crime.
INTERPOL’s budget last year stood at US$ 188 million, trailing behind Europol’s and the FBI’s funding. With the rising cases of cyber crime globally, the organization is under pressure to solve complex cases and nab sophisticated criminals. The police body is more than ever, looking forward to working with security agencies in individual countries.
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