The Economic and Financial Crimes Commission (EFCC) on Monday arraigned a Nigerian, two Chinese nationals, and their company before a Federal High Court in Lagos over an alleged ₦3.4 billion fraud and conspiracy to destabilize Nigeria’s economic structure.
The defendants—Huang Haoyu, Friday Audu, An Hongxu, and Gentting International Ltd—were charged before Justice Daniel Osiagor on a 12-count charge of cybercrime.
They pleaded not guilty to all charges.
Prosecution’s Case
The EFCC prosecutor, Mrs. Bilikisu Buhari, told the court that the defendants committed the alleged offence in Lagos sometime in 2024.
According to the prosecution, they conspired with one Dualiang Pan, who is currently at large, to unlawfully access computer systems with the intent to destabilize Nigeria’s economic structure.
The defendants allegedly recruited Nigerian youths to falsely present themselves as foreign nationals.
Furthermore, they were accused of procuring one Chukwuemeka Okeke to retain $1.2 million in his cryptocurrency wallet, knowing that the funds were proceeds of fraudulent activities.
Similarly, they allegedly procured Alhassan Garba and Ifesinaci Jacobs to retain $1.3 million in their crypto wallets, also being proceeds of crime.
Additionally, the prosecution alleged that the defendants retained ₦3.4 billion in the Union Bank account of Gentting International Ltd, funds said to be linked to their fraudulent activities.
They were also accused of transferring ₦106 million and ₦913 million to Dualiang Pan’s UBA account, transactions which were alleged to be proceeds of crime.
Besides these, the defendants were said to have engaged in unauthorized foreign exchange transactions with Alhassan Garba, involving sums of ₦1.1 billion, ₦962 million, and other amounts, without using the official foreign exchange market as mandated by the Central Bank of Nigeria.
Legal Implications
The alleged offences contravene:
Section 29(2) of the Foreign Exchange Monitoring and Miscellaneous Provisions Act, 2004.
Sections 18 and 27 of the Cybercrime (Prohibition) Act, 2015.
Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.
Court’s Ruling
Justice Daniel Osiagor adjourned the case until March 20 for the hearing of the defendants’ bail applications. Meanwhile, the court ordered that they remain in EFCC custody pending the determination of their bail.
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