The International Criminal Police Organization (INTERPOL) has announced the arrest of over 300 individuals connected to one of West Africa’s most notorious criminal organizations, Black Axe, as well as other related groups. These arrests were made as part of “Operation Jackal III,” which also led to the seizure of $3 million in illegal assets and the freezing of more than 700 bank accounts.
According to INTERPOL, “Operation Jackal III” was carried out in 21 countries between April and July 2024, targeting the highly coordinated cybercrime syndicate responsible for numerous cyber-enabled financial fraud schemes and other serious criminal activities.
Reports by PUNCH highlighted that several members of Black Axe are university-educated individuals who were recruited during their time in school. A 2022 INTERPOL report emphasized that Black Axe and similar groups are behind the majority of the world’s cyber-enabled financial frauds, along with many other significant crimes.
This operation has been described as a “major blow” to the Nigerian crime network, with authorities warning about the group’s global reach and advanced technological capabilities. INTERPOL officials have classified Black Axe as a global threat.
Tomonobu Kaya, a senior official at INTERPOL’s Financial Crime and Anti-Corruption Centre, pointed out the crucial role of financial technology and cryptocurrency in enabling cybercrime syndicates, which are infamous for their multi-million-dollar online scams. Kaya noted, “These criminal syndicates are highly organized and structured. They are early adopters of new technologies… Many fintech advancements make it easier to move money illegally across the globe.”
In one notable case, Canadian authorities uncovered a money-laundering scheme tied to Black Axe, valued at more than $5 billion (£3.8bn) in 2017. Confronting such sophisticated criminal organizations requires advanced technological expertise and skilled personnel.
To further combat these threats, INTERPOL has launched the Global Rapid Intervention of Payments (GRIP) system. This system enables authorities in its 196 member countries to freeze bank accounts worldwide with unprecedented speed.
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