Read also:
- Gov’t Imposes Curfew in Nalerigu Amidst Security Concerns
- UK Diplomat Praises Ghana’s Progress on Transparency
- Employment Minister warns employers against abusing workers’ rights
- New single-dose gonorrhoea drug could be breakthrough for antibiotic-resistant infections
- Fifi Kwetey confirms President Mahama’s warning to Ministers – Deliver the first scandal and you are on your own
Els MBN360 News
Ghana’s Economic and Organised Crime Office (EOCO) has recovered $15,191,730.13 from an international cryptocurrency fraud network that targeted Ghanaians and British citizens. The recovery was announced by Attorney-General Dr. Dominic Ayine at the Government Accountability Series on Thursday, December 18, 2025.
The fraud network, involving Chinese and Malaysian nationals, used e-commerce websites and fake online investment platforms to lure victims. They laundered stolen funds into cryptocurrencies like Bitcoin, USDT, and Ethereum. EOCO, with international partners, traced and froze the assets, obtaining a High Court order to transfer them to Zodiac Custody for conversion.
Dr. Ayine praised EOCO’s efforts, stating the recovered funds will compensate victims and support the public treasury. The operation demonstrates Ghana’s commitment to combating transnational cybercrime and upholding the rule of law.
According to the Attorney-General, the fraud scheme began around 2019 and involved a criminal network made up mainly of Chinese and Malaysian nationals. The group used e-commerce websites and fake online investment platforms to lure victims. They registered a company in Ghana as a front, claiming it was involved in general trading and online marketing.
The Attorney-General also stated that victims were asked to pay registration fees and later encouraged to buy investment packages ranging from GHS770 to GHS9,240. These packages were marketed as VIP levels, ranging from VIP1 to VIP5, with promises of high returns. Dr. Ayine said the scheme operated like a Ponzi system, where victims were urged to recruit others to earn more money. Payments were made through mobile money, cash, and cryptocurrencies such as Bitcoin, USDT, and Ethereum.
Dr. Ayine said the recovered funds would be used to compensate victims in Ghana and the United Kingdom, as EOCO enters the second phase of the case. He praised EOCO’s leadership and staff, especially Executive Director Raymond Archer and his deputies, as well as partners including the UK National Crime Agency, ZODIAC Custody, and Ghana’s Judiciary.
He added that the case has set a new benchmark for Africa, showing how local laws can be used to track, freeze, and recover virtual assets hidden in foreign jurisdictions.
