Toronto police have returned almost a quarter of a million dollars to a victim of a romance cryptocurrency fraud based in Nigeria.
Investigators confirmed on Monday that they had recovered $225,000 in stolen cryptocurrency that belonged to a Toronto victim, after a three-year investigation.
According to police, the victim began communicating with an individual named Moshe Theodor McNigh on Facebook in 2021.
The suspect befriended the victim and encouraged them to invest in Bitcoin through Legacyfxtraders.online (Legacy), police say.
In the fall of 2021, Nigerian law enforcement officials informed the victim that they were defrauded in a cryptocurrency investment scheme, losing an estimated $355,000 in Canadian funds, officers said.
Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested and charged Omonkhoa Precious Afure, of Nigeria, and subsequently seized the proceeds.
The Nigerian Courts then ordered the proceeds to be restituted to the victim.
Romance cryptocurrency fraud involves a scammer who convinces the victim to enter a virtual, online relationship in order to gain their trust and affection. Communication often occurs through email messages, fake social media profiles or dating sites.
In time, the scammer may ask the victim for money to travel, to cover the cost of an emergency medical procedure, to join a business venture, or to invest in cryptocurrency, according to the Canadian Anti-Fraud Centre (CAFC).
In 2023, victims reported losing over $52.5 million to romance frauds and over $309 million to investment frauds, the fraud centre says. Moreover, it estimates that only five to ten per cent of victims report their frauds to the CAFC or law enforcement.
Victims can report frauds to Nigerian authorities via the Eagle Eye reporting application from anywhere around the world.
If you have been a victim of fraud or suspect fraudulent activity, report it to your local police and the Canadian Anti-Fraud Centre at 1-888-495-8501, or online via the Fraud Reporting System.
