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EFCC Arraigns Suspected Crypto Fraud Mastermind Over Multi-Billion Naira Scam
The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) on Monday arraigned Friday Audu, who is alleged to be the ringleader of a sophisticated cryptocurrency and romance scam syndicate, before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos.....KINDLY READ THE FULL STORY HERE▶
Audu, alongside his company, Genting Nigeria Limited, is facing a seven-count charge that includes unlawful possession of proceeds of crime, forgery, and holding fraudulent documents linked to scams amounting to $2.5 million and ₦3.5 billion.
According to the EFCC, Audu led a massive 792-member syndicate responsible for extensive fraud operations both in Nigeria and internationally. He was arrested in Lagos on December 10, 2024, during a covert operation dubbed “Eagle Flush.”
The charges specify that Audu retained $1,262,000 in USDT (Tether cryptocurrency) via a Binance wallet, and another $1,300,203 USDT through a BYBIT wallet—both believed to be tied to illicit financial activities.
Audu pleaded not guilty to all charges.
EFCC’s prosecuting counsel, Bilikisu Buhari, requested the court to remand the defendant and fix trial dates. She objected to the bail plea by the defence, led by Senior Advocate Muiz Banire, citing the serious impact of the alleged offences on Nigeria’s global reputation and the high risk of flight due to the weight of evidence.
Justice Oshodi adjourned the matter until June 2 and 3, 2025, for a ruling on the bail application and the start of trial. In the meantime, the defendant was remanded in a correctional facility.
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