EFCC Arraigns Alleged Mastermind of $2.5million Cryptocurrency, Romance Fraud In Lagos
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), located on Awolowo Road, Ikoyi, Lagos State, on Monday, May 5, 2025, arraigned one Friday Audu before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos.
He is accused of involvement in a multi-million-dollar fraud.
Audu was arrested on December 10, 2024, in Lagos during a surprise operation by EFCC operatives codenamed “Eagle Flush Operation.”
The accused, Audi, was arraigned alongside his company, Genting Nigeria Limited, on a seven-count charge bordering on the retention of proceeds of crime, forgery, and possession of fraudulent documents involving $2.5million and N3.5billion.
According to the EFCC, Audu is said to be the mastermind behind a 792-member syndicate involved in cryptocurrency investment and romance scams.
The charges read; “That you, Friday Audu and Genting Nigeria Limited, sometime in 2024 in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to retain $1,262,000 USDT (One Million, Two Hundred and Sixty-Two Thousand United States Dollars) in the wallet address TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX (Binance), property fraudulently obtained.”
Another charge states: “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 United States Dollars) in the wallet address property fraudulently obtained.”
The defendant pleaded “not guilty” to all charges. Following the plea, prosecution counsel, Bilikisu Buhari, requested a trial date and urged the court to remand the defendant in a correctional facility.
Meanwhile, defence counsel, Muiz Banire, SAN, informed the court of a pending bail application.
Opposing the bail application, the prosecution argued through a counter-affidavit that the offences allegedly committed by the defendant severely tarnished the image of Nigeria and undermined the government’s efforts to attract foreign investment.
Buhari further contended that the strength of the evidence against the defendant could motivate him to abscond if granted bail.
The case was hereafter adjourned till June 2 and 3, 2025.
At the hearing of the case, it was noted that there would be a ruling on bail application while trial would be commenced.
The judge also ordered that the accused be remanded in a correctional facility.
