Lagos Court Sentences Chinese Directors in N3.4bn Crypto Fraud Case

Two Chinese directors were convicted in a Lagos court for their roles in a N3.4 billion and $2.5 million cryptocurrency fraud scheme. The court sentenced Huang Haoyu and Hongxu to a cumulative 46 years in prison or a N56 million fine.

They were also ordered to complete three days of community service and repatriate to their home country after serving their sentences. The court further ordered the forfeiture of extensive assets recovered during the investigation, including mobile phones, office furniture, vehicles, and electronic devices.

The fraud involved unlawful foreign exchange transactions and money laundering activities. The defendants were accused of willfully accessing computer systems to destabilize Nigeria's economic and social structures.

The prosecution urged the court to convict the two men based on their guilty pleas and the evidence presented. The case highlighted the crackdown on economic and financial crimes in Nigeria.