The Economic and Organised Crime Office (EOCO) has successfully dismantled a sophisticated cross-border cryptocurrency fraud network involving Chinese and Malaysian nationals, recovering more than $15 million in digital assets. The operation, which targeted both Ghanaians and British nationals, was disclosed by Attorney-General and Minister for Justice, Dr. Dominic Ayine.
Addressing the Government Accountability Series on Thursday, December 18, 2025, Dr. Ayine revealed that the fraudsters operated under the guise of a locally registered company involved in online trading and marketing. The company, incorporated in Ghana in 2019, was traced to crypto wallets hosted on the Seychelles-based exchange platform, OKX.
The scam targeted victims through e-commerce platforms, which required participants to pay registration fees before offering investment packages ranging from GH¢770 to GH¢9,240. These packages were marketed using branded flyers and divided into various tiers, promising high returns from online trading and digital storefront operations. Participants were also encouraged to recruit others through referral networks, with payments being made via mobile money, cash, or cryptocurrency wallets.
EOCO’s investigations, supported by OKX’s internal findings, exposed the fraudulent nature of the transactions. Over 1,000 transactions were traced to a single IP address, revealing that the scam was centrally controlled, rather than involving independent investors. Know-Your-Customer (KYC) checks identified the wallet holder as a Chinese national who was legally resident in Ghana and employed by the company running the scheme.
In response, EOCO moved swiftly to shut down the operation and seize its assets to prevent further losses. “On November 19, 2025, ZODIAC successfully converted the cryptocurrency assets of the criminal enterprise and transferred $15,191,730 into the EOCO exhibit account,” Dr. Ayine stated, calling the recovery a significant step in protecting the public from digital financial crimes.
Source: MyNewsGh.com.
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