EOCO Exceeds 2025 Recovery Target With $336.6m as Crypto Fraud Victims Set for Compensation

The Economic and Organised Crime Office, EOCO, recorded total recoveries of 336.6 million dollars in 2025, surpassing its annual target by 133.4 million dollars, following major asset seizures linked to financial crimes, including a large-scale cryptocurrency fraud.

The achievement was disclosed at the Government Accountability Series press briefing held in Accra on December 18, 2025.

Addressing the media, the Attorney General and Minister for Justice, Dr Dominic Ayine, revealed that a separate 15.191 million dollars recovered from offshore cryptocurrency wallets would be used partly to compensate victims of a Chinese-Malaysian online trading scam.

According to Dr Ayine, the funds were traced to a criminal network that defrauded more than 1,000 victims in Ghana and the United Kingdom through a fraudulent investment scheme that had been operating since 2019.

“Some of the recovered funds will go to compensate victims, while a larger portion will be paid into the public purse,” he said.

The scam, allegedly run by Chinese and Malaysian nationals, enticed victims with promises of high returns through investment packages ranging from GH¢770 to GH¢9,000. Victims were instructed to purchase items on a fake e-commerce platform and recruit others through referral systems characteristic of Ponzi-style operations.

Dr Ayine explained that the suspects produced instructional videos showing how payments were made using virtual currencies, which enabled EOCO investigators to trace the digital wallets used to move the illicit proceeds.

Investigations uncovered over 1,000 transactions flowing into a wallet on the OKX exchange platform, based in Seychelles. EOCO linked the activity to a single computer IP address connected to a Chinese national residing in Ghana on a residence permit.

Efforts to trace the Malaysian directors stalled after requests for mutual legal assistance sent to Malaysia went unanswered, prompting EOCO to seek support from the United Kingdom’s National Crime Agency.

With assistance from UK-based firms, EOCO secured High Court orders compelling OKX to transfer the seized crypto assets to Zodia Custody for conversion into fiat currency. On November 19, 2025, the assets were converted, and 15.191 million dollars and ten cents was transferred into EOCO’s exhibit account.

Dr Ayine commended Justice Gwendolyn Millicent Owusu of the Economic and Financial Crime Division of the High Court, noting that her grasp of the complex legal issues was critical to the success of the recovery.

“Without her understanding of the complexities of the case, this outcome would have been difficult to achieve,” he said.

He added that the case has drawn international attention, particularly due to Ghana’s use of non-conviction-based asset recovery involving virtual assets held outside the country. The outcome, he said, sends a strong signal to criminals that the use of cryptocurrency will not shield illicit proceeds from law enforcement.

The 15.191 million dollars forms part of EOCO’s total 2025 recoveries, which include 194 million dollars in direct recoveries lodged in EOCO’s exhibit account and 142.6 million dollars in indirect recoveries paid to the Ghana Revenue Authority and the Consolidated Fund.

Dr Ayine attributed the performance to the leadership of EOCO’s Executive Director, Mr Raymond Archer, and his management team under the administration of President John Dramani Mahama.

The Attorney General also disclosed that extradition request packages for former Finance Minister Ken Ofori-Atta and his former Chief de Cabinet, Ernest Darko Kore, were submitted to the United States Department of Justice on December 10, 2025, following a formal application by the Office of the Special Prosecutor.

He said the two face 78 charges, including causing financial loss to the state and using public office for private benefit, adding that further announcements involving politically exposed persons under criminal investigation would be made on Monday.