CIFCFIN Takes Action Against Ponzi Schemes, Yahoo Boys

The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) has announced its proactive measures to combat internet fraudsters and various fraudulent activities, particularly those associated with Ponzi schemes. Dr. Iliyasu Gashinbaki, the president of the institute, made this announcement during the inauguration of the Board of Diplomats for Digital Forensics and the Board of Diplomats for Forensic Accounting and Auditing in Abuja.

The purpose of these boards, chaired by Prof Adesina Sodiya and Prof Godwin Emmanuel Oyadokun, respectively, is to control financial crimes and ensure the swift conviction of suspects through the use of forensic evidence.

Gashinbaki emphasized that the inauguration aligns with the CIFCFIN’s mandate to establish and uphold standards in all areas and aspects of forensics and fraud investigation. He called upon the members of the Board for Digital Forensics to immediately address the issue of Ponzi scheme operators, “yahoo yahoo boys,” and other forms of significant fraud occurring within the digital realm.

Furthermore, he urged the diplomats for forensic accounting and auditing to leverage their expertise as forensic accountants and auditors to analyze financial statements, audited accounts, and other relevant documents in order to prevent fraud, especially in the public sector.

Gashinbaki also highlighted the importance of investigating the claims made by the Independent National Electoral Commission (INEC) regarding numerous attacks on its server during the last general elections. He expressed the institute’s desire for the board to thoroughly examine these incidents and provide INEC with advice on global best practices to prevent such attacks and safeguard the integrity of future general elections.

Prof Sodiya, the chairman of the Board of Diplomats for Digital Forensics, reassured that the board’s performance would lead to the conviction of financial criminals through the application of digital forensics.

Similarly, Prof Oyadokun, the chairman of the Board of Diplomats for Forensic Accounting and Auditing, affirmed that the board would promptly commence their work to bridge the gap in society by setting and implementing appropriate standards for the institute.

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