A Federal High Court sitting in Abuja has ordered the forfeiture of $222,000 in cryptocurrency traced to a cybercrime syndicate that reportedly includes Chinese nationals operating within Nigeria. The ruling followed successful legal action initiated by the Economic and Financial Crimes Commission (EFCC), which revealed that the digital assets were proceeds of illicit online activities targeting unsuspecting victims both locally and abroad.
According to court documents, the funds were held in various crypto wallets associated with the syndicate, which had been under investigation for several months. The EFCC stated that the group was involved in a wide range of cyber-related crimes, including identity theft, phishing, and fraudulent investment schemes—all carried out using sophisticated digital tools to mask their operations and conceal financial trails.
Investigations led by the anti-graft agency uncovered the syndicate’s operations in Lagos and Abuja, where several suspects were apprehended. Among them were Chinese nationals believed to be coordinating parts of the fraudulent schemes, particularly those involving cross-border financial transactions through cryptocurrency exchanges.
The court, in granting the final forfeiture order, ruled that the seized digital assets be transferred to the federal government, noting that the defendants failed to provide any lawful justification for the origin of the funds. The presiding judge emphasized the growing threat posed by cyber-enabled financial crimes and the need for decisive legal action to deter similar offences in the future.
The EFCC welcomed the judgment, describing it as a major breakthrough in its ongoing efforts to clamp down on transnational cybercrime networks exploiting Nigeria’s digital space. The commission reiterated its commitment to pursuing cybercriminals, regardless of nationality, and called for stronger international collaboration in tracking and recovering crypto-linked illicit funds.
The case underscores the increasing use of cryptocurrencies as vehicles for laundering proceeds of crime, a trend Nigerian authorities have flagged as a pressing concern. With the forfeiture now finalized, the EFCC says it is expanding its probe to identify additional collaborators and trace other assets possibly linked to the same syndicate.
