A Bureau De Change (BDC) operator, Al-Hassan Garba, has told the Federal High Court in Lagos how he converted cryptocurrency (USDT) into naira and paid the equivalent amounts into the bank account of Genting International Ltd.

He testified in the ongoing trial involving former government official, Friday Audu, and three others over an alleged N3.4 billion cyber and romance fraud scheme.

The Economic and Financial Crimes Commission (EFCC) arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on a 12-count charge bordering on cybercrime, money laundering, and illegal foreign exchange transactions.

The defendants were allegedly part of a cyber-syndicate involving one Dualiang Pan (now at large), operating a network of over 792 members.

The syndicate reportedly lured victims under false identities through online romance scams and other forms of cyber fraud.

The EFCC alleged that the defendants used Nigerian youths to impersonate foreign nationals and helped retain over $2.5 million in crypto wallets controlled by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs—funds believed to be proceeds of fraud.

The anti-graft agency said the defendants retained N3.4 billion in Genting International Ltd’s Union Bank account and transferred N106 million and N913 million to accounts belonging to Dualiang Pan at UBA.

The EFCC also accused them of conducting illegal foreign exchange transactions totaling over N2 billion without routing them through the Central Bank of Nigeria (CBN), in violation of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

The defendants pleaded not guilty.

Testifying before Justice Daniel Osiagor, Garba, who was led in evidence by EFCC counsel Rotimi Oyedepo (SAN), alongside Bilkisu Buhari-Bala and Hanatu Kofanaisa, explained the role he played in the alleged illicit financial activities of the defendants.

Garba told the court that he had been a licensed BDC operator for over a decade, trading under the name Hugo.

He confirmed knowing two of the defendants Mr. Ken, the first defendant, and Friday Audu, the second defendant, and stated that he also had business dealings with the fourth defendant, Genting International Ltd.

According to him, Ken approached him in 2023 to convert cryptocurrency (specifically USDT) into naira, after which he was given the account details of Genting International Ltd to receive the naira equivalent.

He further explained that the wallet is essentially a set of numbers associated with a digital account used for cryptocurrency transactions.

He said these transactions, which became frequent from September 2024, often involved amounts ranging from N5 million to N10 million per day.

When asked about his interaction with the EFCC, Garba confirmed that h

e was contacted during the course of the investigation.

He also said that Friday Audu later reached out to him to ask if the EFCC had spoken with him.The witness identified several large payments he made to Genting International Ltd, including N13 million on August 26, 2024, and N15.9 million on August 27, 2024.

He also acknowledged that other transactions were carried out by his associates, including one Ifesinachi, who had access to the relevant wallets.

He confirmed a N116 million transaction on September 1, 2024, and another on September 3, 2024, made by his brother, Sani.

All payments were allegedly linked to the conversion of cryptocurrency for the defendants.

When shown his previous statements to the EFCC dated January 6, 19, 20, 29; February 11; March 14; and April 4, Garba confirmed authorship.

The court admitted the statements in evidence as Exhibits B1 to B8 without objection.

Justice Osiagor adjourned till July 4, 2024.

Culled The Nation