A Bureau De Change operator, Mr Al-Hassan Garba, on Tuesday, narrated before the Federal High Court in Lagos, how he helped convert cryptocurrency into naira and paid the proceeds into the account of Genting International Ltd as part of an alleged N3.4bn cyber and romance fraud schemes.
The witness disclosed this while testifying in the ongoing trial of a former government official, Friday Audu and three others facing charges bordering on cybercrime, money laundering, and illegal foreign exchange transactions involving N3.4 bn.
Garba, who stated that he had operated as a licensed BDC operator for over a decade under the business name, “Hugo,” was led in evidence by the Economic and Financial Crimes Commission counsel, Mr. Rotimi Oyedepo, (SAN), alongside Ms. Bilkisu Buhari-Bala and Ms. Hanatu Kofanaisa.
While testifying before Justice Daniel Osiagor, the witness disclosed that he knew the first and second defendants, Mr. Ken and Mr. Friday Audu, respectively, and had business dealings with the fourth defendant, Genting International Ltd.
According to him, sometime in 2023, the first defendant approached him with a request to convert cryptocurrency, specifically USDT (Tether), into naira.
He explained that following receipt of the cryptocurrency into a wallet he provided, he would pay the equivalent naira value into the designated bank account, usually that of Genting International Ltd.
“USDT is a digital currency, not a physical one,” the witness said.
“Once they transfer the USDT into the wallet address I give them, I credit the equivalent naira into the account provided,” he added.
Garba stated that these transactions became frequent around September 2024, often involving amounts ranging from N5m to N10m per day.
He further confirmed that payments to Genting International Ltd included N13m on August 26, 2024, and N15.9m, on August 27, 2024.
The witness also informed the court that some of the transactions were conducted by his associates. One Mr. Ifesinachi Jacobs, who had access to the cryptocurrency wallets, while his brother, Sani, facilitated transfers, including a N116m transaction on September 1, 2024, and another on September 3, 2024.
When asked about his interactions with the EFCC, Garba confirmed that he was contacted during the course of the investigation.
He also stated that the second defendant, Audu, subsequently called to inquire whether the EFCC had reached out to him and asked about the timing of the agency’s contact.
“He asked me what day they contacted me, and I told him Monday. He said he would delay his response to them. I told him I did not require any extension,” Garba recounted.
All payments were allegedly linked to the conversion of cryptocurrency for the defendants.
The prosecution tendered the witness’s statements to the EFCC dated January 6, 19, 20, and 29, February; 11, 14 March, and April 4, 2025.
Without objection from the defence, the court admitted them as Exhibits B1 to B8.
The EFCC had earlier arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on a 12-count charge.
The defendants pleaded not guilty to all counts.
According to the prosecution, the defendants were allegedly part of a cybercrime syndicate involving one Dualiang Pan (currently at large) and a network of over 792 members.
The group allegedly engaged in online romance scams and cyber-enabled fraud, using false identities to deceive victims.
The EFCC further alleged that Nigerian youths were used to impersonate foreign nationals, and that funds obtained through fraudulent means amounting to over $2.5 m, were retained in cryptocurrency wallets controlled by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs.
Additionally, the anti-graft agency accused the defendants of retaining N3.4 bn in the Union Bank account of Genting International Ltd and transferring N106m, and N913m to accounts belonging to Dualiang Pan at UBA.
They were also alleged to have conducted foreign exchange transactions exceeding N2bn without routing the same through the Central Bank of Nigeria, in contravention of the law.
The alleged offences contravened Section 29(2) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 2004; Sections 18 and 27 of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.
Justice Osiagor adjourned the matter to July 4, 2024, for the continuation of the trial.
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