N3.4bn Fraud: Court Admits Evidence Against Fraud Kingpin

Justice Daniel Osiagor at the Federal High Court in Lagos has admitted more evidence against the alleged masterminds behind an international fraud syndicate linked to cybercrime and terrorism, Friday Audu and three others.

The Economic and Financial Crimes Commission (EFCC) had arraigned Audu, two Chinese nationals, Huang Haoyu, An Hongxu, and Genting International Ltd on a 12-count charge of cybercrime, money laundering, and illegal foreign exchange transactions.

The EFCC also accused the defendants of collaborating with Dualiang Pan, who is currently at large, to operate a 792-member cryptocurrency and romance fraud syndicate that targeted victims using false identities.

The anti-graft agency further alleged that the defendants recruited Nigerian youths to impersonate foreign nationals and facilitated the retention of $1.2 million and $1.3 million in cryptocurrency wallets held by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs—funds said to be proceeds of fraud.

According to the EFCC, the defendants retained N3.4 billion in Genting Ltd’s Union Bank account and transferred N106 million and N913 million to Dualiang Pan’s UBA account.

They are accused of conducting illegal foreign exchange transactions totalling over N2 billion without using the official Central Bank of Nigeria (CBN) platform.

The alleged offenses violate Section 29(2) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 2004; Sections 18 and 27 of the Cybercrime (Prohibition, Prevention, etc.) Act of 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act of 2021.

All the defendants pleaded not guilty to the charge.

At the resumed hearing of the matter on Monday, A compliance officer from Union Bank, Chidubem Ogbura, told Justice Osiagor that Audu is a signatory to the account of Genting International Company Ltd with the bank, one of the firms allegedly used to launder proceeds from the syndicate’s criminal activities.

Justice Osiagor has adjourned the case until July 4 to continue the trial.