EFCC Arraigns Alleged Ringleader Of 792 –member Cryptocurrency Investment, Romance Scam Syndicate In Lagos
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos, on Monday, May 5, 2025, arraigned one Friday Audu before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos for fraud.
Audu is allegedly the mastermind of the fraudulent activities of 792 –member syndicate of cryptocurrency investment and romance fraud, arrested on December 10 , 2024 in Lagos in a surprise exercise tagged “Eagle Flush Operation” by EFCC operatives.
He was arraigned alongside his company, Genting Nigeria Limited on a seven-count charge, bordering on retention of stolen property, forgery and possession of fraudulent documents to the tune of $2.5million and N3.5billion.
One of the charges reads: “That you, Friday Audu and Genting Nigeria Limited sometime in 2024 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves, to retain $1,262,000 USDT (One Million Two Hundred and Sixty-Two Thousand Dollars) USDT in the wallet addressTP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX (binance), property fraudulently obtained”.
Another charge reads: “ That you, Friday Audu and Genting Nigeria Limited, sometime in 2024 in Lagos, within the jurisdiction of this Honourable Court, retained $1,300,203 USDT (One Million, Three Hundred Thousand, Two Hundred and Three Dollars) in the wallet addressTQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn (BYBIT), property fraudulently obtained.”
He pleaded “not guilty” to the charges when they were read to him, following which prosecution counsel, Bilikisu Buhari asked the court for a trial date and prayed that he should be remanded in a correctional centre, while defence counsel, Muiz Banire, SAN, informed the court of a pending bail application on behalf of the defendant.
However, the prosecution counsel in a counter-affidavit, informed the court that the alleged offences committed by the defendant tarnished the image of the country and also diminished the government’s efforts to foreign investments in the country, noting that if granted bail, the defendant would abscond and would be unavailable for trial “as the weight of the evidence against him is very strong and compelling.”
After listening to both parties, Justice Oshodi adjourned the matter till June 2 and 3, 2025 for ruling on the bail application and commencement of trial and ordered the remand of the defendant in the correctional facility.