The Federal High Court in Lagos has ordered the interim forfeiture of digital assets valued at $222,729.86, linked to unlawful activities by 792 suspects arrested last December by the EFCC. The group, comprising 193 foreigners and 599 Nigerians, was involved in cryptocurrency investment fraud and romance scams.
Justice Alexander Owoeye granted the order on an ex parte application by the EFCC, under Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act. The judge also directed that the order be published in a national newspaper, inviting any interested party to show cause within 14 days why the assets should not be permanently forfeited to the Federal Government.
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In an affidavit, EFCC investigating officer Owolabi Taiwo stated that intelligence led to a sting operation which resulted in the seizure of nearly 1,000 routers, SIM cards, computers, and mobile phones. The suspects were part of a syndicate that financed its operations through a Nigerian-registered company, Genting International Co. Limited, which received over N2.26 billion between April and December 2024.
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