By Adeyemi Adekunle
The Economic and Financial Crimes Commission (EFCC) has arraigned nine Chinese nationals and a company, Genting International Co. Ltd., on charges related to cyber terrorism, internet fraud, identity theft, and cryptocurrency scams. The suspects, identified as Su Dong Fu, Zheng Xian Tao, Wang Shi Long, Pan Cai Qi, Ting Liao, Fan Jia, Feng Li Cani, Lu Yong Yao, and Yang Chen Cheng, appeared before Justice Chukwujekwu Aneke at the Federal High Court in Lagos, where they pleaded not guilty.
According to the EFCC, the defendants are linked to a 792-member syndicate accused of orchestrating large-scale cybercrime operations, including cryptocurrency investment scams and romance fraud. Their alleged activities targeted both local and international victims, using digital platforms to carry out fraudulent schemes. They were arrested during a law enforcement operation, codenamed “Operation Eagle Flush,” conducted on December 10, 2024, in Lagos. The EFCC claims that the suspects operated an extensive network that leveraged financial technology to deceive unsuspecting victims into transferring funds, believing they were engaging in legitimate investment opportunities.
Investigators emphasized that the syndicate ran fraudulent cryptocurrency schemes, luring individuals with promises of high returns. Victims reportedly invested substantial sums in what they believed were legitimate digital assets, only to discover that the platforms were fake and controlled by the accused.
The EFCC alleges that these schemes followed a pattern commonly seen in global financial crimes, where criminals exploit the complexities of digital currency trading to evade detection and maximize their illicit earnings. The commission further states that evidence recovered during the operation suggests that the group had extensive financial transactions across multiple countries.
Beyond cryptocurrency fraud, the EFCC also accuses the defendants of engaging in romance scams, a form of cyber fraud in which criminals create fake online identities to manipulate individuals into sending them money. Many victims are allegedly lured into emotional relationships under false pretenses, believing they are communicating with genuine individuals. The EFCC claims that digital footprints traced to the suspects suggest they were operating multiple fraudulent identities across various social media and dating platforms. Financial records reportedly show that proceeds from these scams were laundered through cryptocurrency exchanges, making it difficult for authorities to track and recover stolen funds.
During the court session, EFCC counsel M.K. Bashir presented the charges and requested trial dates while urging the court to remand the defendants in custody. The prosecution emphasized the severity of the allegations, arguing that the accused posed a flight risk and that keeping them in detention was necessary to prevent any interference with the ongoing investigation. Justice Aneke granted the request, adjourning the case to February 21 and March 7, 2025, for trial. He ordered that all nine defendants be held at the Ikoyi Correctional Centre pending further proceedings.
The case is one of several ongoing investigations into cybercrime involving foreign nationals in Nigeria. Two days before this arraignment, the EFCC brought 11 other Chinese nationals before the same court on similar charges. Authorities have intensified efforts to combat cybercrime, which has affected individuals, businesses, and financial institutions both in Nigeria and abroad. The commission has identified an increase in sophisticated cyber fraud operations, often involving transnational networks that use advanced digital tools to commit financial crimes.
In response to these challenges, Nigerian authorities have introduced stricter regulations on digital financial transactions, including enhanced monitoring of cryptocurrency exchanges and stricter compliance requirements for online financial platforms. The Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), and the Nigerian Communications Commission (NCC) have also collaborated to strengthen oversight and improve the country’s cybercrime detection capabilities.
The EFCC has emphasized that Nigeria will not serve as a safe haven for cybercriminals, regardless of their nationality. Officials say efforts to dismantle these criminal networks will continue, with more arrests expected as investigations progress. The commission has also reaffirmed its commitment to working with international law enforcement agencies such as Interpol, the FBI, and Europol to track and prosecute cybercriminals operating within and outside Nigeria’s borders.
Cybercrime has become a significant concern in Nigeria, with authorities noting that digital fraud costs the country billions of naira annually. Many financial institutions have had to strengthen their cybersecurity frameworks to mitigate the risks posed by online fraudsters.
The rise of decentralized finance (DeFi) and the anonymity associated with cryptocurrency transactions have made it increasingly difficult to track illicit financial flows. However, law enforcement agencies have continued to adapt, using advanced forensic tools to trace digital transactions and identify perpetrators.
As the trial of the nine Chinese nationals approaches, legal analysts predict that the case could set a precedent for handling cybercrime-related offences involving foreign nationals in Nigeria. If convicted, the accused could face significant prison sentences under the Cybercrimes (Prohibition, Prevention, etc.) Act of 2015, which provides for stringent penalties against individuals found guilty of cyber fraud, identity theft, and other digital financial crimes.
Legal experts also expect the case to highlight the growing need for international cooperation in combating cyber threats, as criminals increasingly operate across borders, exploiting loopholes in financial and technological systems.
With the next court dates set for February 21 and March 7, 2025, prosecutors are expected to present additional evidence linking the defendants to the broader 792-member cybercrime syndicate.
Authorities believe that uncovering the full extent of the syndicate’s operations could provide critical insights into how such fraud networks function and help prevent similar schemes in the future. The EFCC has indicated that more arrests may follow as the investigation continues, with officials determined to ensure that all those involved in the cyber fraud network are brought to justice.
As Nigeria intensifies its efforts to combat cybercrime, authorities hope that successful prosecutions will serve as a deterrent to other criminal organizations seeking to exploit the country’s financial and technological infrastructure for illegal activities.
