This was confirmed by the spokesman for the agency; Wilson Uwujaren earlier today.

The EFCC spokesman said Precious was nabbed in the Ikoyi area of Lagos, following credible intelligence about his illegal activities.

Precious allegedly posed as Moshem Cnich, a Swedish national, to defraud unsuspecting victims.

The suspect claimed that he ran a bitcoin scheme where people invest money to make huge returns.

Preliminary investigation, Uwujaren noted, revealed that Precious engaged in a dating scam and had defrauded two victims in Canada.

"The suspect confessed to have laundered the proceeds of his fraudulent activities by purchasing a piece of land worth $150,000 through bitcoin from CASA-Cubana, a project being run by the Cubana Group", he said.