Court Orders Service At Last Known Address In N3.5bn, $2.6m USDT Cryptocurrency Ponzi Scheme Case
An Ikeja Special Offences Court has adjourned the arraignment of Friday Audu and his company, Genting International Ltd, to May 5, 2025, over allegations of involvement in a multimillion-dollar Ponzi scheme.
Audu is facing a seven-count charge bordering on retention of stolen property, forgery, and possession of fraudulent documents.
The Economic and Financial Crimes Commission sued Audu for participating in a scheme involving $2.6m USDT (cryptocurrency) and N3.5 bn fraudulently obtained funds.
When the case was called on Monday, EFCC counsel, Mrs Bilikisu Buhari, informed the court that the matter was slated for arraignment.
Dr. Muiz Banire (SAN) represented Audu, the first defendant, while no legal representation appeared for the second defendant, Genting International Ltd.
Buhari told the court that Audu resisted service and declined to accept representation on behalf of his company.
The prosecution then sought the court’s permission to serve hearing notices on the company’s last known address.
Justice Rahman Oshodi granted the application and adjourned the matter to May 5, 2025, for arraignment.
According to the charge sheet dated April 15, the EFCC alleged that Audu and his company retained stolen property by conspiring to keep $1,262,000 USDT in a Binance wallet with the address TP6UTEmch6cto72Y7Pj3Bkn84LSqjSr7PX (Binance), property fraudulently obtained.
The anti-graft agency also alleged that the defendants retained $1,300,203 USDT in the wallet address TQbgiFXAf17RX8j2nkFwwzBDo22WWrdcRn (BYBIT), property fraudulently obtained.
The Commission also claimed the defendants conspired to retain N3.5 bn in Genting International Ltd’s Union Bank account (Account No. 0225100403) funds also said to be fraudulently obtained.
EFCC further alleged that sometime in 2024, Audu knowingly forged a document titled “Ultimate Beneficial Ownership Declaration Form,” falsely presenting it as having been signed by one Mr Baffale Yakubu.
According to EFCC, the offences committed are contrary to and punishable under Sections 328, 365, and 411 of the Criminal Law of Lagos State, 2011, and Sections 6 and 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.
