Court Hears How Alleged Scam Syndicate Moved Billions Through Fake Gaming Firms

Wale Igbintade

An operative of the Economic and Financial Crimes Commission (EFCC), Rasheeda Chindaya, yesterday told a Lagos State Special Offences Court sitting in Ikeja how Friday Audu, alleged to be the Nigerian mastermind behind a vast international cryptocurrency investment and romance scams, coordinated activities that led to the arrest of 792 suspects in December 2024.

Chindaya testified before Justice Rahman Oshodi as the trial of Audu continued.

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.

The EFCC said the December 2024 operation, conducted across multiple locations, led to the arrest of 792 suspects – 193 foreigners and 599 Nigerians, believed to be members of a sophisticated cybercrime syndicate involved in cryptocurrency investment fraud, money laundering, computer-related fraud, and romance scams.

Led in evidence by prosecution counsel, Bilikisu Buhari, Chindaya outlined the findings of the Commission’s investigations.

She told the court that Genting International Ltd was initially incorporated with Nasiru Barau and Yakubu as directors, holding share capital of N10 million and N18 million respectively.

Both directors were removed in 2025 and replaced by one Ifeanyi, who held N12 million in shares, and one Matthew, who held N18 million.

According to the witness, Genting International Ltd was presented as a gaming company.

However, investigations revealed that the Bank Verification Number (BVN) linked to the company’s bank accounts belonged to Friday Audu.

She said the BVN was connected to about 10 corporate accounts involving several vendors.

Further investigations uncovered financial links between Genting International Ltd and other companies, including YENGJIEPENG, BT8 Housing Nigeria Limited, and BNN Construction Limited.

Chindaya told the court that letters of investigation sent to several banks confirmed that Genting operated accounts with balances running into billions of naira, including a peak balance of about N34 billion at one point.

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

She said Audu was the sole signatory to Genting International Ltd’s bank accounts.

Documents obtained from the bank included a request dated August for an increase in the company’s transaction limit and a board resolution appointing Audu as the sole signatory.

According to the witness, 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, had its last transaction in October 2024 and reportedly received about N97 million, which was traced to Genting’s Union Bank account.

Chindaya further testified that 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.

She also spoke about another gaming company, Anhongs, whose account was opened in August.

She said Audu was also the sole signatory to the account and that the same Genting email address was used for its operations.

Chindaya told the court that of the 792 suspects arrested, 193 were foreigners, including 145 Chinese nationals, about 40 Filipinos, a Tunisian, and others.

The remaining suspects were Nigerians, mostly youths aged 27 and above.

She explained that Nigerians were recruited through social media advertisements, trained using prepared scripts, and assigned roles such as scammers, marketers, and supervisors.

Victims were allegedly lured through dating apps, particularly Tinder, persuaded to make payments on fake websites, and subsequently blocked.

Nigerian recruits were paid between N200,000 and N800,000 monthly, while foreign operatives earned between $500 and $1,000.

Some recruits who attempted to leave the operation were allegedly threatened with the withholding of their salaries.

The witness also told the court 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.

Chindaya identified the alleged kingpins as Ken, Sentu, Mr Sim, who are currently at large, and Friday Audu.

She added that investigators discovered 384 pre-registered SIM cards traced to individuals in Northern Nigeria who denied any knowledge of the registrations.

Describing the case as unprecedented, she said the EFCC mobilised officers from multiple zonal offices and converted some facilities into holding cells to accommodate the large number of suspects.

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