Home News Court Orders Interim Forfeiture of $222,729 in Suspected Cyber Fraud Case

Court Orders Interim Forfeiture of $222,729 in Suspected Cyber Fraud Case

by hannah
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A Federal High Court in Lagos has granted an interim forfeiture of digital assets worth $222,729.86, allegedly linked to cybercrime activities involving 792 suspects, including 193 foreign nationals.

The ruling followed a request by the Economic and Financial Crimes Commission (EFCC), which conducted a large-scale operation in December 2024, targeting individuals suspected of cryptocurrency fraud and online scams.

Justice Alexander Owoeye, who issued the order, directed the EFCC to publish a notice in a national newspaper, allowing any interested parties 14 days to present their claims before a final forfeiture decision is made.

The next court hearing is scheduled for March 7, 2025.

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According to EFCC investigators, the suspects were arrested in a Victoria Island facility allegedly used for fraudulent activities, particularly romance scams and cryptocurrency investment fraud.

During the raid, officials seized computers, mobile phones, SIM cards, and over 1,000 routers believed to have been used for illicit operations.

Further inquiries revealed that the network funneled funds through Genting International Co. Limited (GICL), a Nigerian-registered company, which saw transactions exceeding N2.26 billion between April and December 2024.

Financial records also showed that cryptocurrency vendors played a significant role in funding the operation, with blockchain analysis linking transactions to Conti.vip, a known fraud platform.

Authorities also discovered that several foreign nationals involved lacked valid work permits, raising further legal concerns.

With this court directive, the EFCC aims to prevent the suspected proceeds of fraud from being used for further illicit activities while reinforcing Nigeria’s crackdown on cybercrime.

 

 

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