Argentine Authorities Arrest Chinese Crypto Fraud Suspect Wanted by Nigeria for $50M Scam

Police in Argentina have arrested a Chinese national suspected of running a $49.4 million cryptocurrency fraud scheme in Nigeria. The suspect, identified only by his initials DZ, was detained at Ezeiza International Airport in Buenos Aires after attempting to enter the country using a fake Paraguayan passport.

Argentine authorities confirmed the arrest but withheld the suspect’s full identity for legal reasons. According to Clarín, an Argentine newspaper, police stated that DZ is a Chinese national.

Alejandra Monteoliva, Argentina’s Security Minister, announced the arrest on X (formerly Twitter), saying:

“[DZ] arrived from Paris with false documents. He didn't even make it inside the country. The Airport Security Police, the Federal Police, and immigration officers acted immediately.”

Monteoliva added that Nigeria has formally requested DZ’s extradition, stating:

“Nigeria is asking for him, and we’re going to deport him. Foreign criminals aren’t allowed here.”

DZ arrived in Argentina on a flight from Paris, according to police records. Despite presenting documents under an assumed name claiming Paraguayan citizenship, authorities identified him as an Interpol-listed suspect wanted for money laundering and fraud.

Unnamed official sources told Clarín that DZ orchestrated a Nigeria-based crypto investment scam that defrauded investors of an estimated $49.4 million. Victims reported that after depositing funds into his platform, they were unable to access their money or make withdrawals.

A Federal Court in Lomas de Zamora confirmed to Clarín that it is proceeding with the extradition process to return DZ to Nigeria.

Global Rise in Crypto-Related Fraud

Crypto fraud remains a persistent issue worldwide. In the United States, the Department of Justice has been actively pursuing cases linked to the notorious OneCoin scam, a multi-billion-dollar Ponzi scheme.

In Brazil, authorities have also taken action against crypto-related crimes. Earlier this year, police arrested three influencers suspected of operating a voice phishing and money laundering ring targeting crypto investors.

Recent Legal Actions in Nigeria

In February 2025, a court in Lagos, Nigeria, sentenced two Chinese directors of a $2.5 million crypto fraud operation to 46 years in prison. The arrests were part of a large-scale police operation in December 2024 that led to nearly 800 arrests across the country.

This case underscores the ongoing international efforts to combat cryptocurrency fraud and hold perpetrators accountable.