A witness for the prosecution recently testified in the Lagos State Special Offences Court in Ikeja about how Friday Audu purportedly led an extensive international cryptocurrency and romance fraud operation that culminated in the arrest of 792 suspects in December 2024.
Rasheeda Chindaya, an agent with the Economic and Financial Crimes Commission (EFCC), provided this information to Justice Rahman Oshodi during the ongoing trial of Mr. Audu, who faces eight revised charges along with Genting International Ltd.
These charges consist of forgery, impersonation, possessing fraudulent documents, and computer-related fraud.
During her testimony, Ms. Chindaya detailed that the operation carried out in December 2024 resulted in the detention of 193 foreigners, alongside 599 Nigerians.
The arrests were tied to a sophisticated cybercriminal organization engaged in various fraudulent activities, including cryptocurrency investment scams, romance fraud, money laundering, and other computer-related offenses.
The witness revealed that Genting International Ltd was originally registered with Nasiru Barau and Yakubu as directors, with respective share capital of N10 million and N18 million. Both were removed in 2025 and succeeded by Ifeanyi, who had N12 million, and Matthew, who possessed N18 million.
Investigators discovered that Genting, posing as a gaming business, controlled bank accounts linked to Mr. Audu's Bank Verification Number (BVN), which extended to approximately ten corporate accounts with several vendors. Mr. Audu was reportedly the only signatory to Genting's accounts, which had a total balance that reached N34 billion, including funds traced to Bureau De Change operators and other firms.
According to Ms. Chindaya, the proceeds were typically converted into USDT cryptocurrency using digital wallets. Notably, one wallet, established in May 2024, received N97 million, which was later connected to Genting’s account with Union Bank.
Additionally, Mr. Audu allegedly transferred N74 million into his personal bank account, which was subsequently moved to his FCMB account for the purpose of office-related expenditures.
Another entity, Anhongs, was said to have been initiated in August 2024 with Mr. Audu as the sole signatory, reportedly using the same email address as Genting.
The EFCC reported that amongst the 792 individuals apprehended, 193 were foreign nationals—145 Chinese citizens, around 40 Filipinos, a Tunisian, among others. Most of the 599 Nigerians detained were young adults aged 27 and older, recruited through advertisements on social media.
The commission alleged that new recruits underwent training using pre-prepared scripts and were assigned to roles such as scammers, marketers, and supervisors.
Victims were reportedly enticed through dating applications, particularly Tinder, and manipulated into making payments on counterfeit websites before being blocked by the scammers. The agency detailed that Nigerian recruits earned between N200,000 and N800,000 monthly, while foreign recruits were compensated between US$500 to US$1,000. Those attempting to withdraw their earnings faced threats of salary withholding.
Furthermore, investigators unearthed a number of properties associated with Genting located in Lagos, which included offices in Victoria Island, Lekki, and Oniru Island, allegedly acquired in two separate payments.
The prosecution noted that Mr. Audu’s accomplices, identified as Ken, Sentu, and Mr. Sim, are currently unaccounted for. Authorities also discovered 384 pre-registered SIM cards associated with individuals in Northern Nigeria who claimed ignorance regarding the registrations.
Ms. Chindaya characterized the operation as unprecedented, indicating that the EFCC mobilized personnel from various zonal offices and repurposed some facilities into temporary holding cells to accommodate the arrested individuals.
The presiding Judge Oshodi postponed the cases until February 24 and 26 for further proceedings.
In June 2025, Chidubem Ogbura, a compliance officer with Union Bank, attested in the trial, verifying Mr. Audu’s role as a signatory to a Union Bank account held by Genting International Ltd, which was allegedly utilized to launder the profits from the syndicate.
Mr. Ogbura submitted the account opening documents and statements, which were accepted without objection. During cross-examination, he reaffirmed that both Mr. Audu and Bafale Yakubu were signatories and acknowledged the names of additional defendants reflected in the account records.
He, however, noted that the bank’s Know Your Customer (KYC) documentation did not indicate that the account was opened for the purpose of conducting business.
Previously, the EFCC had charged Mr. Audu, Huang Haoyu, An Hongxu, and Genting International Ltd with 12 counts relating to cybercrime, money laundering, and unlawful foreign exchange transactions, to which all pleaded not guilty.
The Federal High Court in Lagos had earlier sentenced eight Chinese nationals associated with the case to a year in prison for cyber terrorism and internet fraud linked to the same syndicate.
These individuals, including Cai Qi, Zeng Xian Tao, Weng Mao Rong, Wang Xiong Wei (also known as Xiao Bai), Shi Dong Fu, Wang Shi Long, Liu Ke Fan, and Ting Liao, were among those arrested during the EFCC's raid on December 10, 2024, which led to the capture of 792 suspects, including 158 foreign nationals. Following plea agreements, the courts imposed a fine of N1 million on each defendant and mandated their deportation under the supervision of the Nigerian Immigration Service.
The acts violated the Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 (as amended), the Money Laundering (Prevention and Prohibition) Act of 2021, the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 2004, and the Terrorism (Prevention and Prohibition) Act of 2022.
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