Justice A. Owoeye of the Federal High Court in Ikoyi, Lagos, Nigeria has ordered the interim forfeiture of $222,729.86 in digital assets to the Federal Government of Nigeria.
This ruling follows the arrest of 792 individuals allegedly involved in a large-scale cryptocurrency investment and romance fraud syndicate. The Economic and Financial Crimes Commission (EFCC) carried out the operation on December 10, 2024.
EFCC’s legal counsel, Zeenat Atiku, presented an ex parte application for the forfeiture, citing intelligence reports linking the syndicate to fraudulent activities.
The court was informed that the suspects operated through a company named Genting International Co. Limited (GICL) and that the seized digital wallet funds were suspected proceeds of unlawful activities.
During the hearing, legal representatives from multiple agencies discussed the role of cryptocurrency in financial crimes.
Justice Owoeye granted the interim forfeiture order and instructed the EFCC to publish the order in a national newspaper. This allows any interested parties to come forward within 14 days to challenge the ruling.
The case has been adjourned until March 7, 2025, for a compliance report.
