The United States government has arrested and charged a Nigerian man for allegedly operating an unlicensed money transfer business to launder the proceeds of online investment fraud schemes.

The U.S. Department of Justice said in a statement Thursday that the 31-year-old accused, Tochukwu Edeh, was charged with one count before a federal court in Boston.

According to the DoJ’s statement, Mr Edeh, who ran used-car dealerships and currency transfer services in Texas, Florida and Nigeria, was previously charged by the U.S. criminal complaint. He has been in custody since his arrest on 2 September , 2021, the statement added.

The U.S. government alleged in the indictment that Mr Edeh, a former resident of Jacksonville, a popular city in Florida, used a network of co-conspirators in both the United States and Nigeria sometime in 2015, to launder and transmit proceeds of Ponzi-style investment fraud schemes based in Nigeria.

“Specifically, the schemes purported to offer trading and Bitcoin investing services when, in fact, investor funds were allegedly stolen and later victims’ investments were used to pay purported returns to earlier investors.

“Edeh allegedly laundered the fraud proceeds using a network of co-conspirators in the United States and using his personal and business accounts in the United States and Nigeria. Edeh, along with his alleged co-conspirators, did not hold money transmitting licenses in their respective states of…

Read more…