A Union Bank compliance officer, Chidubem Ogbura, testified in the ongoing trial of Friday Audu and three others accused of orchestrating a cryptocurrency and romance fraud syndicate that defrauded victims of over N3.4 billion.
During a December 10, 2024 raid in Lagos, 792 syndicate members were arrested. EFCC is prosecuting Audu, Huang Haoyu, An Hongxu, and Genting International Ltd at the Federal High Court, Lagos, on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions.
Ogbura, the first prosecution witness, told Judge Daniel Osiagor that Audu is a signatory to a Union Bank account held by Genting International Ltd, allegedly used to launder proceeds from the syndicate’s operations. He tendered account documents and statements in evidence.
During cross-examination, Ogbura confirmed that Audu and co-defendant Bafale Yakubu were signatories, while denying that the third defendant was a signatory or director. The bank’s KYC documents indicated the account was not opened for legitimate business.
Following Ogbura’s testimony, proceedings were adjourned until July 4 for more EFCC witnesses.
The EFCC alleges the syndicate recruited Nigerian youths to impersonate foreigners in romance and investment scams. The group reportedly retained over $2.5 million in crypto wallets and laundered N3.4 billion through Genting Ltd’s account, with large transfers linked to Chinese national Dualiang Pan, who remains at large. The defendants also allegedly conducted over N2 billion in unauthorized foreign exchange transactions.
All defendants plead not guilty. Charges cite violations of Nigeria’s Cybercrimes Act 2015, Foreign Exchange Act 2004, and Money Laundering Act 2021.
Separately, the Federal High Court recently sentenced seven Chinese nationals to one year in prison and fined them N1 million each after plea bargains related to cyberterrorism and internet fraud linked to the same syndicate. The convicts will be deported under Nigerian Immigration Service supervision.
The cases underscore the EFCC’s crackdown on international cyber fraud syndicates destabilizing Nigeria’s economy and social fabric.
