An operative of the Economic and Financial Crimes Commission (EFCC), Rasheeda Chindaya, yesterday told a Lagos State Special Offences Court how Friday Audu, an alleged mastermind of an internet fraud syndicate, managed a company used to facilitate the operations of over 790 scammers.

Audu is standing trial alongside Genting International Co. Limited (GICL) on an amended eight-count charge of forgery, impersonation, possession of fraudulent documents, and computer-related fraud.

Chindaya, appearing before Justice [Insert Judge’s Name] at the Ikeja court complex, provided details of the EFCC’s investigation into the syndicate’s activities.

Background

In December 2024, the EFCC conducted its largest single-day crackdown on cryptocurrency and romance scam networks, arresting 792 suspects at a seven-storey building on Victoria Island, Lagos. Among them were 114 Chinese nationals, 40 Filipinos, two Khazartans, one Pakistani, and one Indonesian, who reportedly trained Nigerians in executing romance and investment scams.

The agency stated at the time that the syndicate financed its operations through Genting International Co. Limited. In July 2025, a federal high court in Lagos ordered the forfeiture of digital assets worth $222,729 seized from some foreign nationals linked to the syndicate.

Court Proceedings

Under cross-examination led by prosecution counsel Bilikisu Buhari, Chindaya said Genting International Co. Limited was originally incorporated with Nasiru Barau and Yakubu as directors, holding share capital of N10 million and N18 million respectively. In 2025, the directors were replaced by Ifeanyi (N12 million in shares) and Matthew (N18 million).

The EFCC operative said the company was presented as a gaming firm, but bank verification numbers linked to the company’s accounts were traced to Audu, who was also the sole signatory. The company reportedly operated multiple corporate accounts with balances reaching N34 billion at some points.

She added that part of the funds was channeled to Bureau de Change operators and companies such as Truly Reality and Garuba, for conversion into US dollars and cryptocurrency through digital wallets.

The trial has been adjourned to February 24 and 26, 2026, for continuation.