Interpol claims to have struck a major blow against several West African cybercrime groups, including the notorious Black Axe syndicate.
The police agency said Operation Jackal III ran from April 10 to July 3 across 21 countries on five continents, resulting in 300 arrests and the seizure of assets worth $3m.
In addition, police identified 400 suspects and blocked more than 720 bank accounts.
Black Axe is believed to have been in operation for decades. Although it’s involved in various criminal enterprises, it has made significant sums in romance fraud, business email compromise (BEC) and other financial crimes.
Read more on Black Axe: Interpol Closes in on Global BEC Gang
However, it wasn’t the only group targeted in Operation Jackal III. Other successes included the alleged “dismantling” of a Nigerian-led international criminal network in Argentina following a five-year investigation.
The network has been linked to money laundering in over 40 countries and is said to have victimized 160 individuals through online fraud.
Elsewhere, Portuguese police disrupted a Nigerian criminal network involved in recruiting money mules and laundering illicit funds obtained from digital financial fraud victims across Europe.
Over 25 members of the syndicate were identified, and data from seized computers and devices revealed large money transfers to Nigerian bank accounts, as well as cryptocurrency transactions, according to Interpol.
“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 (IFCACC).
“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.”
The first Operation Jackal ran in 2022 and resulted in 75 arrests and the interception of €1.2m ($1.1m) in bank accounts.