Nigerian Police Arrests Crypto Trader Blord Over Fraud Claims

The Nigeria Police Force (NPF) announced on Tuesday that it had arrested a local crypto trader named Linus Williams (popularly known as Blord) over claims of crypto fraud and other illicit acts. Local reports show that this is Williams’ second time under the government’s scrutiny.

Police Arrests Blord

In a statement revealed by Olumuyiwa Adejobi, the police force’s public relations officer (PRO), the NPF’s investigative arm oversees the investigations into Williams and his company, Blord Group, and its affiliated entities.

Blord Group describes itself as a crypto exchange offering crypto trading activities. The company, headquartered in Abuja, is affiliated with other businesses, such as real estate, gadget and luxury stores, and automobiles.

A local report confirmed that the crypto trader was scrutinized in 2022 by the Economic and Financial Crimes Commission (EFCC), a government agency investigating financial crimes. In May 2022, Williams defeated the EFCC in a court hearing, freeing him from the shackles of the government authority.

This second probe by the NPF is based on claims that the 26-year-old crypto investor was involved in illicit acts, such as “internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.”

Assuring the public that the police force would handle the matter, Adejobi stated:

“We will do due diligence in our investigations.  Our cyberspace in Nigeria must be safe and secure by all means. We are committed to achieving that.”

Nigeria’s Crypto Stance

Despite the Nigerian government’s effort to curb crypto fraud, the African country has upheld a hostile view of the crypto industry. Since February, the government has held Binance executives accountable for allegations that Binance aided the malicious manipulation of the dollar to the naira exchange rate. Last month, U.S. lawmakers wrote a letter to Joe Biden to request the release of detained Binance employees.

The Nigerian government has also banned local banks from facilitating crypto transactions. Still, this has not stopped citizens from exploring the crypto industry.