EFCC Freezes Bank Accounts Over Alleged Misappropriation of N48 Million in Crypto Mining Investment

A Federal High Court in Abuja has granted an interim order to freeze five bank accounts implicated in the alleged fraudulent diversion of N48 million intended for the purchase of a crypto mining rig package in 2023....CONTINUE READING>>>

Justice Emeka Nwite issued the order on November 28, 2024, following a motion filed by the Economic and Financial Crimes Commission (EFCC), based on a petition forwarded to them by Usman Abbas Esq. The petition accuses Dimeji Christopher and others of presenting a fake crypto mining investment opportunity, promising high returns to the complainants. The victims invested a total of N48 million through various bank accounts provided by the suspects.

The EFCC claims that the suspects failed to fulfill the promised returns or refund the capital, leading to the ongoing investigation. According to the EFCC’s lawyer, Sabina M. Dabak Esq, the funds in the five accounts are part of an investigation into alleged false pretenses and criminal breach of trust.

The investigation revealed that Christopher, who is the Director of Meta Consultants Limited, diverted the funds for personal use rather than investing in the promised crypto mining equipment. The suspect has been on the run but was recently arrested by the EFCC’s Kano State Zonal Directorate.

At the hearing, EFCC lawyer Stanley Obilo requested an extension of the freezing order for another 90 days. However, Justice Nwite approved the extension for 60 days, scheduling the next hearing for January 29, 2025.

The court’s freezing order requires the affected banks to block all transactions in the identified accounts, with the possibility of the order being lifted if the affected parties challenge it or if the EFCC fails to renew the order.