BDC operator unmasks crypto-to-cash deals in N3.4b fraud trial
A Bureau De Trade (BDC) operator, Al-Hassan Garba, on Thursday, narrated sooner than the Federal High Court docket in Lagos how he converted cryptocurrency (USDT) into naira and paid the proceeds into the bank narrative of Genting Global Runt, in connection with an alleged N3.4 billion cyber and romance fraud inspiring a businessman, Friday Audu and three others.
Garba, testifying sooner than Justice Daniel Osiagor, became as soon as led in proof by Financial and Monetary Crimes Commission (EFCC) counsel, Rotimi Oyedepo (SAN), alongside Bilkisu Buhari-Bala and Hanatu Kofanaisa.
He told the court docket that he has been a licensed BDC operator for over 10 years, running below the industry name “Hugo.” He confirmed his industry dealings with the first and 2nd defendants, is named Mr. Ken and Friday Audu, besides to with the fourth defendant, Genting Global Runt.
Garba testified that in 2023, Ken contacted him to convert USDT (a proper cryptocurrency) into naira. He became as soon as therefore given the bank narrative crucial aspects of Genting Global Runt to deposit the naira identical after each and each transaction.
“USDT is a digital currency, so I provide a wallet handle for them to ship the funds. When I glean the USDT, I transfer the identical naira quantity into the narrative of Genting Global Runt,” he acknowledged.
He added that the transactions turned frequent from September 2024, most continuously ranging between N5 million and N10 million day to day. He known two honorable transactions: N13 million on August 26, 2024, and N15.9 million on August 27, 2024.
Garba extra explained that varied folk, in conjunction with his brother, Sani, and an affiliate named Ifesinachi, additionally implemented an identical transactions using wallets below his management. He confirmed a N116 million transaction on September 1, 2024, and yet every other honorable price on September 3, 2024.
When requested about his interaction with the EFCC, Garba stated that the agency had contacted him within the course of their investigation. He additionally confirmed that Friday Audu reached out to inquire whether or now not the anti-graft agency had contacted him.
The court docket admitted into proof several statements Garba made to the EFCC between January and April 2025, marking them as Reveals B1 to B8 with out objection.
The EFCC had earlier arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting Global Runt on a 12-depend payment bordering on cybercrime, money laundering, and illegal international alternate dealings. The defendants all pleaded now not guilty.
Primarily based completely mostly on the anti-graft agency, the defendants own been part of a syndicate led by a suspect at honorable, Dualiang Pan, which operated with over 792 members using faux on-line identities to entice victims, in particular thru romance scams and varied cybercrimes.
The EFCC alleged that the syndicate veteran Nigerian operatives to impersonate foreigners and laundered the proceeds of fraud, amounting to over $2.5 million, held in cryptocurrency wallets controlled by Chukwuemeka Okeke, Al-Hassan Garba, and Ifesinachi Jacobs.
Additionally, N3.4 billion became as soon as reportedly retained in Genting Global Runt Union Checking narrative, whereas N106 million and N913 million own been transferred to accounts linked to Pan at UBA. The EFCC claimed these transactions violated international change regulations, as over N2 billion became as soon as exchanged with out routing thru the Central Monetary institution of Nigeria.
Their offences allegedly contravene Part 29(2) of the Foreign Trade Act, 2004; Sections 18 and 27 of the Cybercrime Act, 2015; and Sections 18(2)(d) and 21(c) of the Cash Laundering (Prevention and Prohibition) Act, 2021.
Justice Osiagor, due to the this fact, adjourned the matter to July 4, 2024, for the continuation of the trial.
