A Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets worth $222,729.86, allegedly tied to a syndicate involved in cryptocurrency investment and romance fraud.
The order was issued by Justice A. Owoeye on Monday, following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC), represented by its counsel Zeenat Atiku.
The EFCC announced the development in a post on X (formerly Twitter) handle on Tuesday, revealing that the assets were recovered from a syndicate of 792 cryptocurrency investment and romance fraudsters arrested on December 10, 2024.
The suspects were apprehended during a surprise operation at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
The EFCC’s application to the court referenced Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006, with Atiku arguing that the digital wallet assets were likely proceeds from illegal activities. The fraudsters were believed to be part of an international criminal network involved in large-scale scams targeting victims through cryptocurrency investment schemes and romance scams.
Zeenat Atiku informed the court that the syndicate operated under the guise of Genting International Co. Limited, a company allegedly used to fund its fraudulent operations. After considering the application, Justice Owoeye granted the interim forfeiture order and directed the EFCC to publish the order in a national newspaper.
The case has been adjourned until March 7, 2025, for a compliance report on the matter.
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