Crypto/Romance Fraud: Court Orders Forfeiture of $222,729
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 involved in cryptocurrency investment and romance fraud.
The order was granted by Justice A. Owoeye on Monday following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Zeenat Atiku.
The EFCC disclosed that the assets were recovered from a group of 792 suspects arrested on December 10, 2024, during a raid at 7, Oyin Jolayemi Street, Victoria Island, Lagos. These individuals are believed to be part of an international network involved in large-scale cryptocurrency investment and romance scams targeting unsuspecting victims.
In court, Atiku argued that the assets were likely proceeds of illegal activities, and the fraudsters had used a company called Genting International Co. Limited to fund their operations. After reviewing the application, Justice Owoeye granted the interim forfeiture order, directing the EFCC to publish the order in a national newspaper.
The case is scheduled for a compliance report on March 7, 2025.
