Nigerian authorities have charged 53 individuals, including 40 Chinese nationals, in connection with a global cybercrime ring linked to Ponzi schemes, cryptocurrency fraud, and cyber-terrorism. The suspects, arrested in December 2024, were brought before the Federal High Court in Lagos, where they faced a range of charges, including cybercrime, identity theft, and impersonation.
The Economic and Financial Crimes Commission (EFCC) alleges the defendants were part of a network responsible for defrauding victims across the world. Some of the suspects are accused of using cyber tactics to destabilize Nigeria’s structure by recruiting local youths to commit identity theft and impersonate foreign nationals.
One notable case involves Chinese defendant Liu Ke Fan, who is accused of impersonating an American woman named “Lina” in an effort to deceive victims. All 53 individuals pleaded not guilty and remain in custody pending further hearings scheduled for later in February and March.
The arrests followed a major operation known as “Eagle Flush,” during which the EFCC uncovered a network of 792 individuals involved in various scams, including cryptocurrency and romance fraud. The operation involved both Nigerians and 193 foreign nationals, leading to the temporary seizure of digital assets worth $222,729, which are believed to be proceeds from criminal activities.
Additionally, Nigerian authorities confiscated 500 telecom SIM cards, several mobile devices, laptops, and vehicles from the suspects’ base in Lagos. The EFCC also linked the operation to Genting International Co. Limited, a company registered in Nigeria but allegedly set up by foreign nationals to launder funds. Investigations revealed over 2.26 billion Nigerian naira ($1.5 million) was funneled through the company’s accounts between April and December 2024.
Authorities traced some of the funds back to Ponzi schemes, such as Conti.VIP, with transactions amounting to $2.39 million. These findings highlight the extensive scale of the international scam and its ongoing impact. The seized assets are set to be permanently forfeited to the Nigerian government unless contested within 14 days of the court’s publication.