A Federal High Court, Ikoyi, Lagos on Monday has ordered the final forfeiture of $222,729.86 recovered from Chinese nationals implicated in cyber-terrorism and internet fraud.
Justice Alexander Owoeye delivered the ruling granting an ex-parte motion brought by the Economic and Financial Crimes Commission, EFCC.
The forfeited assets formed part of extensive recoveries linked to a major crackdown on cybercrime.
The EFCC disclosed that the funds were traced to a syndicate of 792 alleged cryptocurrency investment and romance fraud suspects, apprehended in Lagos during an enforcement action tagged “Eagle Flush Operation” on December 10, 2024.
In her submission, EFCC counsel Zeenat Atiku urged the court to order the forfeiture of the digital assets, arguing they were reasonably suspected to be proceeds of computer-related fraud and money laundering.
The application was supported by an affidavit sworn by EFCC investigating officer Muazu Abdulrahman.
EFCC uncovers syndicate’s financial network
Abdulrahman, in his affidavit, revealed that the syndicate operated through a Nigerian-registered company, Genting International Company Limited, GICL.
A forensic review of the company’s Union Bank account, number 0225100403, showed cumulative inflows exceeding ₦2.268 billion between April 12 and December 23, 2024.
He further stated:“An analysis of the company’s bank statement revealed that the primary inflows into the account originated from two cryptocurrency vendors: Chukwuemeka Okeke and Alhassan Aminu Garba.
They reported that they received a total USDT valued at $2,386,642 from the syndicates, resulting from USDT purchased through peer-to-peer trading. They also identified the wallet addresses utilised by the group for transferring funds, USDTs.”
Both vendors voluntarily provided statements under caution, confirming their transactions with the syndicate. Investigators concluded that the assets were integral to the syndicate’s cybercrime operations and were liable to be forfeited under Nigerian anti-money laundering laws.
