Union Bank Compliance Officer Testifies in Ongoing Cryptocurrency Fraud Trial

A Union Bank compliance officer, Chidubem Ogbura, testified in the trial of Friday Audu and three others accused of orchestrating a cryptocurrency and romance fraud syndicate that allegedly defrauded victims of over N3.4 billion. The Economic and Financial Crimes Commission (EFCC) is prosecuting the defendants at the Federal High Court in Lagos on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions linked to members of their syndicate.

The trial, which began with the testimony of Mr. Ogbura, is expected to continue on July 4. The EFCC had arraigned Mr. Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions. All defendants pleaded not guilty. They are accused of operating a cyber-fraud syndicate alongside a Chinese national, Dualiang Pan, who is said to remain at large.

Mr. Ogbura, the first prosecution witness presented by the prosecution, appeared before trial judge Daniel Osiagor. He told the court that Mr. Audu is a signatory to a Union Bank account held by Genting International Company Ltd--a firm allegedly used to launder proceeds from the syndicate's criminal operations. Mr. Ogbura explained that his compliance duties include responding to regulatory enquiries. He confirmed that both Mr. Audu and Bafale Yakubu were listed as signatories to the account and acknowledged seeing the names of the second and third defendants in the account records.

The EFCC had requested information on Genting International Ltd on 16 December 2024. The witness tendered account opening documents and statements linked to the company, which the court admitted into evidence without objection.

Key Takeaways:

• A Union Bank compliance officer, Chidubem Ogbura, testified in the ongoing trial of Friday Audu and three others accused of orchestrating a cryptocurrency and romance fraud syndicate.
• The syndicate allegedly defrauded victims of over N3.4 billion.
• The Economic and Financial Crimes Commission (EFCC) is prosecuting the defendants at the Federal High Court in Lagos on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions.
• Mr. Ogbura confirmed that both Mr. Audu and Bafale Yakubu were listed as signatories to the account and acknowledged seeing the names of the second and third defendants in the account records.
• The EFCC had requested information on Genting International Ltd on 16 December 2024, and the witness tendered account opening documents and statements linked to the company.
• The court admitted the documents into evidence without objection.
• The trial is expected to continue on July 4.
• The EFCC had arraigned Mr. Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on 12 counts of cybercrime, money laundering, and illegal foreign exchange transactions. All defendants pleaded not guilty.
• They are accused of operating a cyber-fraud syndicate alongside a Chinese national, Dualiang Pan, who is said to remain at large.

Statistics:

• N3.4 billion: The amount allegedly defrauded by the syndicate.
• 792: The number of members of the syndicate arrested during a raid conducted by the EFCC at a building in Lagos on 10 December 2024.
• 12 counts: The number of charges filed by the EFCC against the defendants.
• N1 million: The fine option imposed on each of the seven Chinese nationals who were sentenced to one year in prison for cyberterrorism and internet fraud.
• $1.2 million and $1.3 million: The amounts allegedly retained in crypto wallets controlled by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs.
• N106 million and N913 million: The amounts allegedly laundered through Genting Ltd's Union Bank account.
• Over N2 billion: The total amount of foreign exchange transactions conducted by the defendants without using the official Central Bank of Nigeria (CBN) platform.

Sources:

• Economic and Financial Crimes Commission (EFCC)
• Federal High Court in Lagos
• Premium Times