A Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets valued at $222,729.86, allegedly linked to a syndicate of cryptocurrency investment and romance fraudsters.
The Economic and Financial Crimes Commission (EFCC) disclosed this on Tuesday, in a post on X
According to the EFCC, Justice A. Owoeye issued the order on Monday following an ex-parte application filed by the anti-graft agency through its counsel, Zeenat Atiku.
“The digital wallet assets were recovered from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters who were arrested on December 10, 2024 by operatives of the Economic and Financial Crimes Commission, EFCC, during a surprise operation at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
“The judge gave the order, following an ex-parte application filed and moved by the EFCC through its lawyer, Zeenat Atiku, pursuant to Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006,” the post read.
The commission said the suspects are alleged to be part of an international fraud syndicate involved in large-scale cryptocurrency investment scams and romance fraud.
In her submission, Atiku informed the court that the syndicate operated under the cover of Genting International Co. Limited, a company allegedly used to finance its fraudulent activities, and that the digital wallet assets were “reasonably suspected to be proceeds of unlawful activities.”
After reviewing the application, the judge granted the interim forfeiture order and directed the EFCC to publish the order in a national newspaper.
The case was adjourned till March 7, 2025, for a compliance report.
