Crypto-to-Cash: BDC Operator Testifies in N3.4bn Cyber, Romance Fraud Trial

A Bureau De Change (BDC) operator, Al-Hassan Garba, on Tuesday testified before the Federal High Court in Lagos, detailing how he converted cryptocurrency (USDT) into naira and transferred the funds into the bank account of Genting International Ltd—one of the defendants in a N3.4 billion cyber and romance scam case.

Garba, a licensed currency trader for over a decade operating under the name “Hugo,” gave his testimony before Justice Daniel Osiagor. He was led in evidence by EFCC counsel, Rotimi Oyedepo (SAN), in the ongoing trial of Friday Audu, a former government official, and three others charged with cybercrime, money laundering, and illegal forex transactions.

According to Garba, he began dealing in cryptocurrency conversions with one “Mr. Ken,” the first defendant, in 2023. He explained that Ken would send him USDT (Tether), a form of stablecoin, and he in turn would pay the naira equivalent into a bank account belonging to Genting International Ltd, the fourth defendant.

“USDT is a digital currency, not physical. I provide my wallet address for them to transfer it, and I then pay the equivalent amount in naira to Genting’s account,” he told the court.

Garba stated that these transactions became routine from September 2024, with daily amounts ranging between N5 million and N10 million. He recalled specific payments—N13 million on August 26 and N15.9 million on August 27, 2024—as well as larger amounts handled by associates, including his brother, Sani, and a man named Ifesinachi who had access to one of the crypto wallets.

He confirmed a N116 million transfer on September 1 and another on September 3, both of which were linked to crypto exchanges for the defendants.

Under cross-examination, Garba revealed that during the EFCC investigation, Friday Audu contacted him to inquire if the agency had reached out. “He asked when they contacted me. I said Monday. He told me he would delay his own response, but I said I didn’t need any extension,” Garba testified.

The court admitted several of Garba’s written statements to the EFCC—dated between January and April 2025—as Exhibits B1 to B8, without objection.

The EFCC had earlier arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on a 12-count charge, alleging their involvement in an international cyber syndicate run by a fugitive named Dualiang Pan.

According to prosecutors, the syndicate, with over 792 members, targeted victims using romance scams and phishing techniques. The proceeds, estimated at over $2.5 million, were allegedly laundered through crypto wallets controlled by Garba, Chukwuemeka Okeke, and Ifesinachi Jacobs.

In addition to the $2.5 million in crypto, the EFCC said N3.4 billion was retained in Genting’s Union Bank account. The agency also tracked transfers of N106 million and N913 million to Dualiang Pan’s UBA accounts.

The defendants are further accused of conducting unauthorized forex transactions totaling over N2 billion—outside the oversight of the Central Bank of Nigeria (CBN)—in breach of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

The offences contravene Section 29(2) of the Foreign Exchange Act, 2004; Sections 18 and 27 of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015; and Sections 18(2)(d) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2021.

All four defendants have pleaded not guilty.

Justice Osiagor adjourned proceedings until July 4, 2025, for continuation of trial.