EFCC: Court Orders Forfeiture of $222,729 Digital Wallet Assets Of Suspected Crypto Fraudsters
- Operatives of the Economic and Financial Crimes Commission (EFCC) have burst 792 suspected crypto fraudsters in Lagos
- Justice A. Owoeye ordered the interim forfeiture of digital wallet assets valued at $222,729.86 to the federal government
- The federal high court sitting in Ikoyi, Lagos, adjourned the matter till March 7, 2025, for a "compliance report"
Legit.ng journalist Adekunle Dada has over 7 years of experience covering metro, government policy, and international events
Lagos state - A federal high court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets valued at $222,729.86 to the federal government.
The digital wallet assets were recovered from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters.
Source: Twitter
Operatives of the Economic and Financial Crimes Commission (EFCC) arrested the suspects during a surprise operation at 7, Oyin Jolayemi Street, Victoria Island, Lagos on December 10, 2024
Justice A. Owoeye gave the order on Monday, February 3 following an ex-parte application filed and moved by the EFCC through its lawyer, Zeenat Atiku.
This was contained in a statement issued via the EFCC X handle @officialEFCC on Tuesday, February 4, 2025.
The EFCC lawyer argued that the Commission had received intelligence about a large-scale fraud involving foreign nationals operating in Lagos.
Atiku explained that the syndicate financed its operations through a company, Genting International Co. Limited (GICL).
He further submitted that the digital wallet assets were “reasonably suspected to be proceeds of an unlawful activity.”
Justice Owoeye ordered the interim forfeiture of the digital asset wallets after listening to the EFCC counsel.
The Judge also directed the EFCC to publish the order in a national newspaper to allow anyone with an interest in the digital wallet assets to appear before the court within 14 days to show cause why it should not be permanently forfeited to the Federal Government.
The court adjourned the matter till March 7, 2025, for a "compliance report".
Legit.ng also reported that EFCC arrested and arraigned foreign nationals suspected of internet fraud, romance scam among others.
The EFCC made the sweeping arrest in an operation called Eagle Flush Operation and the suspects have been successfully charged in court.
The charges include attempting to disrupt and destabilise the stable and peaceful structure of the country.
Man allegedly scams Hajj pilgrims of N144 million
Meanwhile, Legit.ng reported that EFCC arraigned Mustapha Mohammed, CEO of MB Lugga Global Travels, for allegedly defrauding Hajj pilgrims of N144,162,500.
The court has adjourned the case for a ruling on the bail application and ordered Mohammed's remand at the Gombe State Correctional Facility.
The defendant is facing multiple charges, including conspiracy to commit fraud and money laundering.
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Source: Legit.ng
