BREAKING: Court Seizes $222,000 in Crypto Fraud

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

This decision follows the seizure of assets linked to a syndicate of 792 cryptocurrency investment and romance fraudsters, arrested by the Economic and Financial Crimes Commission (EFCC) during a surprise operation on December 10, 2024.

The EFCC’s legal counsel, Zeenat Atiku, filed an ex parte application for the forfeiture, citing intelligence about a large-scale fraud operation involving foreign nationals in Lagos. The syndicate allegedly funded its activities through a company named Genting International Co. Limited (GICL).

Atiku argued that the seized digital wallet assets were reasonably suspected to be proceeds of unlawful activities. During the court hearing, various agencies discussed the role of cryptocurrency in facilitating fraud.

Justice Owoeye directed the EFCC to publish the forfeiture order in a national newspaper, allowing interested parties to contest the decision within 14 days. The court has adjourned the matter until March 7, 2025, for a compliance report.

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