N34bn Crypto-Romance Scam Unmasked: EFCC Witness Reveals How Audu Allegedly Led Syndicate Behind Arrest Of 792 Suspects

A prosecution witness on Wednesday stunned a Lagos State Special Offences Court in Ikeja with gripping details of how Friday Audu allegedly coordinated a vast international cryptocurrency investment and romance scam that culminated in the arrest of 792 suspects in December 2024.
Testifying before Justice Rahman Oshodi, an operative of the Economic and Financial Crimes Commission (EFCC), Rasheeda Chindaya, described Audu as the Nigerian linchpin of a sophisticated cybercrime network spanning multiple countries.

Audu is standing trial alongside Genting International Ltd on an amended eight-count charge bordering on forgery, impersonation, possession of fraudulent documents and computer-related fraud.
According to Chindaya, the December 2024 coordinated operation led to the arrest of 792 suspects across several locations—193 foreigners and 599 Nigerians—believed to be members of a global syndicate involved in cryptocurrency investment fraud, romance scams, money laundering and other computer-related crimes.

Led in evidence by prosecution counsel, Bilikisu Buhari, the witness narrated that Genting International Ltd was initially registered with Nasiru Barau and Yakubu as directors, holding share capital of N10 million and N18 million respectively. However, both men were later removed in 2025 and replaced with Ifeanyi, holding N12 million in shares, and Matthew with N18 million.

Although Genting was presented as a gaming company, Chindaya told the court that investigations revealed its bank accounts were linked to the Bank Verification Number (BVN) of Friday Audu. The BVN, she said, was connected to about 10 corporate accounts involving several vendors.

Further probes uncovered financial links between Genting and other entities, including YENGJIEPENG, BT8 Housing Nigeria Limited and BNN Construction Limited. Letters sent to banks revealed that Genting operated accounts with balances running into billions of naira, including a peak balance of about N34 billion.

Some of the inflows, she added, were traced to Bureau De Change operators and entities such as Truly Reality and Garuba.

Chindaya told the court that Audu was the sole signatory to Genting’s bank accounts. Documents obtained from banks included a request dated August seeking an increase in the company’s transaction limit, as well as a board resolution appointing Audu as sole signatory.

She further revealed that funds were routinely transferred from Genting’s accounts to Bureau De Change operators for conversion into USDT cryptocurrency through digital wallets. One such wallet, created in May 2024, reportedly received about N97 million traced to Genting’s Union Bank account, with its last transaction recorded in October 2024.

According to the witness, Audu personally received about N74 million paid into his personal account and later traced to his FCMB account. The funds were allegedly used to furnish his office and cover expenses including furniture purchases and diesel.

The witness also testified about another gaming firm, Anhongs, whose account was opened in August, noting that Audu was also the sole signatory and that the same Genting email address was used to operate the account.

Explaining the structure of the alleged scam, Chindaya said of the 792 suspects arrested, 193 were foreigners—including 145 Chinese nationals, about 40 Filipinos, a Tunisian and others—while the remaining suspects were Nigerians, mostly youths aged 27 and above.
She told the court that Nigerians were recruited through social media advertisements, trained with prepared scripts and assigned roles as scammers, marketers and supervisors. Victims were allegedly lured through dating apps, particularly Tinder, convinced to invest on fake websites and subsequently blocked once payments were made.

Monthly earnings for Nigerian recruits ranged between N200,000 and N800,000, while foreign recruits were paid between $500 and $1,000. Some recruits who attempted to disengage were allegedly threatened with the withholding of salaries.

Chindaya further disclosed that several properties linked to Genting were discovered across Lagos, including offices in Victoria Island, Lekki, Bishop Oluwole Street and a six-unit building on Oniru Island, allegedly paid for in two tranches.

She identified the alleged kingpins of the syndicate as Ken, Sentu, Mr Sim—currently at large—and Friday Audu. Investigators, she added, also uncovered 384 pre-registered SIM cards traced to individuals in Northern Nigeria who denied any knowledge of the registrations.

Describing the case as unprecedented, the witness said the EFCC had to mobilise officers from multiple zonal offices, converting some facilities into temporary holding cells to accommodate the large number of suspects.

Justice Oshodi adjourned the case until February 24 and 26, 2026, for continuation of trial.