By: Ashiadey Dotse
The Attorney-General and Minister of Justice, Dr. Dominic Ayine Akuritingah, has revealed that the Economic and Organised Crime Office (EOCO) has recovered more than $15 million from an international cryptocurrency fraud network that targeted Ghanaians and British citizens.
Speaking at the Government Accountability Series on Thursday, December 18, 2025, Dr. Ayine said the recovery followed a complex and groundbreaking investigation by EOCO, working closely with international partners. He described the operation as a major victory in Ghana’s fight against economic and organised crime.
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.
He said EOCO investigators traced the crypto payments using advanced blockchain tools and identified wallets held on an offshore crypto exchange platform known as OKX. With support from the platform and international partners, the wallets were frozen. Further investigations linked the wallets to a Chinese national working in Ghana, who was directly named by victims as receiving funds.
He also indicated that after securing a High Court order in May 2025, the seized crypto assets were transferred to a UK-based digital asset custodian, ZODIAC Custody. The assets were later converted into cash. On November 19, 2025, the amount of $15,191,730.13 was paid into EOCO’s exhibit account.
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.
