A Federal High Court in Ikoyi, Lagos, has ordered the permanent forfeiture of $222,729.86 in USDT (Tether cryptocurrency) linked to an international cybercrime syndicate, including Chinese nationals. Justice Alexander Owoeye issued the ruling on Monday following an ex parte motion by the Economic and Financial Crimes Commission (EFCC).
The seized funds were part of assets recovered from 792 suspects arrested during a December 10, 2024, raid in Lagos, dubbed “Eagle Flush Operation.” The syndicate allegedly orchestrated cryptocurrency investment and romance scams, funneling illicit funds through a Nigerian-registered company, Genting International Co. Limited (GICL). According to EFCC investigator Muazu Abdulrahman, GICL’s Union Bank account received N2.26 billion in suspicious deposits between April and December 2024, primarily from two cryptocurrency vendors, Chukwuemeka Okeke and Alhassan Aminu Garba, who facilitated $2.38 million in USDT via peer-to-peer transactions.
EFCC counsel Zeenat Atiku argued that the crypto assets were instruments of computer-related fraud and money laundering, urging their forfeiture to the Federal Government. Justice Owoeye, finding merit in the motion, granted the request, reinforcing the EFCC’s crackdown on digital financial crimes.
The ruling follows recent court actions against nine Chinese nationals deported last week for cyber-terrorism and internet fraud. The suspects, arraigned before Justices Chukwuemeka Aneke and Dehinde Dipeolu, pleaded guilty, leading to convictions and orders for forfeiture of recovered items. The EFCC’s intensified efforts highlight growing concerns over cryptocurrencies’ role in illicit activities, with authorities leveraging advanced tracking to dismantle such networks.
This development underscores Nigeria’s commitment to combating cybercrime and ensuring accountability in the digital financial space, as the government strengthens measures to curb fraudulent activities exploiting cryptocurrency platforms.
