A Federal High Court in Ikoyi, Lagos, has issued an interim forfeiture order for digital assets worth $222,729.86, allegedly tied to a syndicate involved in cryptocurrency investment and romance scams.
Justice A. Owoeye granted the order on Monday after an ex-parte application by the Economic and Financial Crimes Commission (EFCC), represented by Zeenat Atiku.
The EFCC revealed on X (formerly Twitter) that the funds were recovered from a group of 792 suspected fraudsters arrested on December 10, 2024, at a location on Oyin Jolayemi Street, Victoria Island, Lagos.
The commission argued that the seized assets were proceeds of illegal activities linked to an international network of scammers operating under the guise of Genting International Co. Limited, a company allegedly used to facilitate fraudulent schemes.
Citing Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006, Atiku emphasized the necessity of the forfeiture.
The court directed the EFCC to publish the order in a national newspaper, with a compliance report expected by March 7, 2025.
What are your thoughts on the rise of crypto and romance fraud in Nigeria? Should stricter regulations be enforced? Drop your comments below and stay updated!
Leave a Reply