Nigerian authorities have accused the founder of Genting Nigeria Limited of cryptocurrency fraud amounting to $2.5 million.

The EFCC claims that Audu organized a fraudulent syndicate of 792 participants who engaged in romantic relationships with potential victims and then convinced them to invest in cryptocurrencies. These schemes targeted not only residents of Nigeria but also overseas investors. The man is accused of creating false documentation and holding 1,262,000 USDT stablecoins on the Binance cryptocurrency exchange and 1,300,203 USDT on the Bybit exchange. The agency stated that these cryptoassets were obtained through fraudulent activities.

Audu was arrested on December 10, 2024, in Lagos during a secret EFCC operation code-named Eagle Flush Operation. However, the founder of Genting Nigeria Limited denies the charges against him. Judge Rahman Oshodi (Rahman Oshodi) postponed the hearing of the case to June 2 and 3, 2025. The accused is currently in a correctional facility.

Prosecutor Bilikisu Buhari (Bilikisu Buhari) demanded that the court keep the defendant in custody until sentencing and rejected the defense’s motion for the release of the detainee on bail. The prosecution insists that the fraudulent actions committed by Audu not only violate Nigerian law but also have serious consequences for Nigeria’s international reputation. The tarnished image of the country may hinder the government’s efforts to attract foreign investments, Buhari stated.

Last year, a court in Nigeria fined the crypto company Official Gredo $90,000 for conducting transactions with the Nigerian naira and USDT stablecoins without a banking license. In April, Nigerian authorities recognized cryptocurrencies as securities.