The EFCC witness recalled the December 2024 operation resulting in the arrest of 193 foreigners and 599 Nigerians over alleged cryptocurrency investment fraud and romance scam.
A prosecution witness on Wednesday told the Lagos State Special Offences Court in Ikeja how Friday Audu allegedly coordinated a massive international cryptocurrency and romance scam that led to the arrest of 792 suspects in December 2024.
Rasheeda Chindaya, an operative of the Economic and Financial Crimes Commission (EFCC), testified before a judge Rahman Oshodi during the ongoing trial of Mr Audu, who is facing an amended eight charges alongside Genting International Ltd.
The charges include forgery, impersonation, possession of fraudulent documents, and computer-related fraud.
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Witness details alleged fraudulent activities
Ms Chindaya said the December 2024 operation, conducted across multiple locations, resulted in the arrest of 193 foreigners and 599 Nigerians.
The suspects were allegedly linked to a sophisticated cybercrime syndicate involved in cryptocurrency investment fraud, romance scams, money laundering, and other computer-related crimes.
The witness explained that Genting International Ltd was initially incorporated with Nasiru Barau and Yakubu as directors, holding share capital of N10 million and N18 million respectively. Both were removed in 2025 and replaced by Ifeanyi (N12 million) and Matthew (N18 million).
Investigators found that Genting, presented as a gaming company, operated bank accounts whose Bank Verification Number (BVN) belonged to Mr Audu. They said BVN was linked to about 10 corporate accounts across multiple vendors. According to the investigators, Mr Audu was the sole signatory to Genting's accounts, which had balances peaking at N34 billion, with some funds traced to Bureau De Change operators and other companies.
Ms Chindaya said funds were routinely converted into USDT cryptocurrency via digital wallets. One wallet, created in May 2024, reportedly received N97 million, later traced to Genting's Union Bank account.
Mr Audu allegedly received N74 million into his personal account, later moved to his FCMB account, used to furnish his office and cover operational expenses.
Another company, Anhongs, was said to be opened in August 2024, with Mr Audu as the sole signatory. The company used the same Genting email address, investigators said.
Recruitment and operations
EFCC had said that of the 792 suspects, 193 were foreigners--145 Chinese nationals, around 40 Filipinos, a Tunisian, and others. The 599 Nigerians were mostly youths aged 27 and above, recruited via social media ads.
The agency alleged that the recruits were trained using prepared scripts and assigned roles as scammers, marketers, and supervisors.
According to EFCC, victims were lured through dating apps, especially Tinder, persuaded to pay on fake websites, and subsequently blocked. The agency said Nigerian recruits earned between N200,000 and N800,000 monthly, while foreigners earned US$500 to US$1,000. Recruits attempting to withdraw earnings were reportedly threatened with withheld salaries.
Investigators also uncovered several properties linked to Genting in Lagos, including offices in Victoria Island, Lekki, Bishop Oluwole Street, and a six-unit building on Oniru Island allegedly paid in two tranches.
Mr Audu's co-alleged kingpins, Ken, Sentu, and Mr Sim, are currently at large, the prosecution said. Authorities found 384 pre-registered SIM cards traced to individuals in Northern Nigeria, who denied knowledge of the registrations.
Describing the operation as unprecedented, Ms Chindaya said the EFCC mobilised officers from multiple zonal offices and converted some facilities into temporary holding cells to accommodate the suspects.
Mr Oshodi adjourned the matter until 24 and 26 February for continuation.
Background
In June 2025, Chidubem Ogbura, a Union Bank compliance officer, testified in the trial, confirming that Mr Audu was a signatory to a Union Bank account held by Genting International Ltd, allegedly used to launder syndicate proceeds.
Mr Ogbura tendered account opening documents and statements, admitted into evidence without objection.
During cross-examination, Mr Ogbura confirmed that Mr Audu and Bafale Yakubu were signatories and acknowledged other defendants' names in the account records.
However, he noted that the bank's Know Your Customer (KYC) documents did not indicate that the account was opened for "gaining business."
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The EFCC had previously arraigned Mr Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions. All pleaded not guilty.
The Federal High Court in Lagos previously sentenced eight Chinese nationals prosecuted in connection to the case to one year imprisonment each for cyberterrorism and internet fraud linked to the same syndicate.
They convicts are an Cai Qi, Zeng Xian Tao, Weng Mao Rong, Wang Xiong Wei (a.k.a. Xiao Bai), Shi Dong Fu, Wang Shi Long, Liu Ke Fan, and Ting Liao,
They were arrested during the 10 December 2024 EFCC raid that uncovered 792 suspects, including 158 foreign nationals. Following plea bargains, the courts fined each defendant N1 million and ordered their deportation under the supervision of the Nigerian Immigration Service.
The offences contravened the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended), the Money Laundering (Prevention and Prohibition) Act, 2021, the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 2004, and the Terrorism (Prevention and Prohibition) Act, 2022.
