Alleged Forgery: EFCC Presents Seventh Witness Against Alleged Ringleader of 792-member Cryptocurrency Investment Scam Syndicate in Lagos
The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 1,, on Wednesday, January 14, 2026, presented the seventh prosecution witness, PW7, Rasheedah Chindaya, an operative of the EFCC, in the ongoing trial of Friday Audu, the alleged ringleader of 792-member cryptocurrency investment and romance scam syndicate before Justice Rahman Oshodi of the Lagos State Special Offences Court sitting in Ikeja.
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.
At the resumed sitting on Wednesday, January 14, 2026,
Chindaya, an investigator attached to the EFCC’s Eagle Flush Committee Operations, detailed how Audu allegedly coordinated a sophisticated cybercrime syndicate that led to the arrest of 792 suspects in December 2024.
Led in evidence by the prosecution counsel, Bilikisubl Buhari, the PW7 told the court that investigations revealed that Genting International Ltd was initially incorporated with Nasiru Barau and Yakubu as directors, with share capital contributions of ₦10 million and ₦18 million respectively.
She said both directors were removed in 2025 and replaced by one Ifeanyi, who held ₦12 million in shares, and one Matthew, with ₦18 million in shares.
According to the witness, Genting International Ltd was presented as a gaming company.
She stated that investigation, however, showed that the Bank Verification Number (BVN) linked to the company’s accounts matched that of Audu.
She also stated that the BVN was connected to about 10 corporate accounts involving several vendors.
The PW7, in his testimony, stated that Genting had financial links with other companies, including YENGJIEPENG, BT8 Housing Nigeria Limited and BNN Construction Limited.
She said: “ Letters of investigation sent to several banks confirmed that Genting operated accounts with balances running into billions of Naira,with a peak balance of about ₦34 billion at a point.
“Some inflows were traced to Bureau De Change (BDC) operators and entities such as Truly Reality and Garuba.
“Truly Reality was linked to one Chukwuemeka Okeke, who was also linked to Audu, and Audu was the sole signatory to Genting’s bank accounts”
She identified documents obtained from banks, including a request for an increase in Genting’s bank limit and a board resolution appointing Audu as sole signatory.
The witness told the court that funds from Genting’s accounts were routinely transferred to BDC operators for conversion into USDT cryptocurrency through digital wallets.
“ One such wallet, created in May 2024 and last used in October 2024, allegedly received about ₦97 million, which was traced to proceeds of an earlier fraud and later transferred to Genting’s Union Bank account,”she added.
She also testified that Audu personally received about ₦74 million paid into his personal account and later traced to his FCMB account.
“The funds”, she said, “were used to furnish his office, purchase furniture and diesel, and meet other expenses.”
Giving further testimony, she testified about another gaming company, Anhongs, whose account was opened in August, noting that Audu was also the sole signatory and that the same Genting’s email address was used for its operations.
She said the company was linked to a suspect arrested at an address on Jolayemi Street, Lagos.
According to her , “In the December 2024 operation, 792 suspects were arrested, comprising 193 foreigners-145 Chinese nationals, about 40 Filipinos, a Tunisian and others—and 599 Nigerians, mostly youths aged 27 and above.
“ Nigerians and foreigners were recruited separately, with Nigerians sourced through social media advertisements requiring fast typing skills.
“ The recruits were trained as scammers, marketers and supervisors using prepared scripts to deceive victims, mainly through dating platforms such as Tinder.
“Victims were persuaded to make payments on fake websites and were subsequently blocked, while those willing to pay more were handed over to Chinese operators
“ The Nigerian recruits earned between ₦200,000 and ₦800,000 monthly, while foreigners earned between $500 and $1,000.
“ Accommodation and transportation were provided, and some Nigerians who attempted to withdraw were threatened with the withholding of their salaries.
“ Several properties linked to Genting were discovered across Lagos, including offices in Victoria Island, Lekki and Bishop Oluwole Street.
“One of the properties, a six-unit building on Oniru Island, was paid for in two tranches at Genting’s instance.
“Audu acted as a guarantor using a Banana Island address later discovered to belong to one of the alleged syndicate kingpins.”
Chindaya identified the alleged kingpins as Ken, Sentu (currently at large), Sim (also at large) and Friday Audu.
She further stated that investigations revealed meetings were held prior to Genting’s incorporation to plan the company’s operations, and that documents signed by former directors ,Yakubu and Nasiru, were discovered not to bear their genuine signatures.
She added that “ investigations uncovered 384 pre-registered SIM cards traced to individuals in Northern Nigeria, who denied knowledge of the registrations.
Describing the case as unprecedented in the EFCC’s history, she said officers were mobilised from multiple zonal offices, with some offices converted into holding cells to accommodate suspects.
Justice Oshodi adjourned the matter till February 24 and 26, 2026, for continuation of trial.
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