EOCO recovers $15 million from International Crypto fraud network – Attorney General

The Attorney General, Dr Dominic Ayine, has announced that Ghana has recovered more than $15 million from an international organised online crime network that defrauded Ghanaians and British citizens through cryptocurrency schemes.

Speaking at the Government’s Accountability Series on Thursday, December 18,2025, Dr Ayine stated that the investigation was conducted by the Economic and Organised Crime Office (EOCO) and other investigative agencies in protecting the country’s financial interests.

He described the investigation as a complex and groundbreaking one in the fight  against economic and organised crime. The fraud scheme he said started around 2019 and involved Chinese and Malaysian nationals.

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The group targetted victims using e-commerce websites and fake online investment platforms. They established a company in Ghana claiming it was general trading and online marketing. They victims were to purchase products from the company's e commerce website by paying registration fees.

The victims were later encouraged to buy investment packages ranging from GHS770 to GHS9,240. According to Dr. Ayine, the criminals developed attractive flyers to promote fraudlent investment and marketed it as VIP levels, ranging from VIP1 to VIP5, with promises of high returns.

Victims were encouraged to recruit other people to earn more. The EOCO were able to trace the crypto wallet use to receive the money through these criminals own video demonstrating how to make payment using virtual currency.

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.

Following a High Court order secured in May 2025, the frozen crypto assets were moved to UK-based digital asset custodian ZODIAC Custody and later converted into cash. On November 19, 2025, a total of $15,191,730.13 was transferred into EOCO’s exhibit account.

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Dr Ayine said the recovered funds will be used to compensate affected victims in Ghana and the UK as EOCO moves into the second phase of the case.

The Attorney General commended EOCO’s Executive Director, Raymond Archer, his deputies and staff for their work, as well as Ghana’s judiciary and international partners including the UK’s National Crime Agency and ZODIAC Custody.

He added that the case has set a new precedent for Africa, demonstrating that Ghanaian legal frameworks can successfully trace, freeze, and recover virtual assets hidden across borders.

The recovery highlights the government’s resolve to combat transnational cybercrime and strengthen enforcement in the financial and digital sectors, while reinforcing the rule of law