Internet Fraud: Chinese, Filipino nationals forfeit $222,729.86 to FG

The Federal High Court sitting in Ikoyi, Lagos, on Monday ordered the final forfeiture of digital assets valued at $222,729.86 USDT recovered from Chinese nationals involved in cyber-terrorism and internet fraud.

The forfeited assets were part of recoveries made from a syndicate of 792 suspects allegedly linked to cryptocurrency investment and romance scams.

The suspects were apprehended on December 10, 2024, in Lagos during a sting operation by the Economic and Financial Crimes Commission (EFCC), code-named “Eagle Flush Operation.”

Justice Alexander Owoeye issued the forfeiture order following an ex parte motion filed on July 18, 2025, by the EFCC through its counsel, Zeenat Atiku.

While moving the application on Monday, Atiku informed the court that it was backed by an affidavit sworn to by EFCC investigative officer Muazu Abdulrahman.

In the affidavit, Abdulrahman disclosed that the syndicate operated through a Nigerian-registered company, Genting International Co. Limited (GICL), which was used to fund their fraudulent activities.

According to him, “Over the course of its activities, this company’s Union Bank account 0225100403 received a staggering sum of over N2,268,839,161 (Two Billion, Two Hundred and Sixty-Eight Million, Eight Hundred Thirty-Nine Thousand, One Hundred Sixty-One Naira) from April 12, 2024 to December 23, 2024.”

He added, “An analysis of the company’s bank statement revealed that the primary inflows into the account originated from two cryptocurrency vendors: Chukwuemeka Okeke and Alhassan Aminu Garba.”

“Furthermore, Okeke and Garba were invited for questioning and they willingly provided their statements under caution. They reported that they received a total USDT valued at $2,386,642 from the syndicates, resulting from USDT purchased through peer-to-peer trading. They also identified the wallet addresses utilized by the group for transferring funds (USDTs).”

Atiku argued that the seized assets were reasonably suspected to be proceeds or instruments of computer-related fraud and money laundering, and urged the court to grant the final forfeiture to the Federal Government of Nigeria.

In his ruling, Justice Owoeye declared: “I have read the motion and attachments and found sufficient merit in the application.”

“Consequently, the motion succeeds and is hereby granted.”