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Court Orders Forfeiture of $222,000 in Crypto Fraud Case

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  • A court ordered the forfeiture of $222,000 in crypto fraud proceeds.
  • The EFCC arrested 792 suspects linked to the scam.
  • A hearing is set for March 7, 2025.

A Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets worth $222,729.86 to the Federal Government of Nigeria.

Justice A. Owoeye issued the ruling following the arrest of a syndicate of 792 individuals linked to cryptocurrency investment and romance fraud.

EDITOR’s PICK 

The Economic and Financial Crimes Commission (EFCC) carried out the operation on December 10, 2024, uncovering a large-scale scam involving foreign nationals.

The EFCC’s legal counsel, Zeenat Atiku, filed an ex parte motion requesting the forfeiture of the seized assets, arguing that they were proceeds of fraudulent activities.

She informed the court that the syndicate funded its operations through a company called Genting International Co. Limited (GICL).

During the hearing, legal representatives discussed the growing role of cryptocurrency in financial crimes.

The court agreed that the confiscated digital assets were likely linked to illicit transactions.

FURTHER READING

Justice Owoeye instructed the EFCC to publish the forfeiture order in a national newspaper. This allows any interested party to challenge the ruling within 14 days.

The court will review the matter on March 7, 2025, for a compliance report.

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