The Economic and Organised Crime Office recorded recoveries totalling $336.6 million in 2025, exceeding its annual target by $133.4 million, as victims of a Chinese-Malaysian cryptocurrency fraud are set to receive compensation from a separate $15.191 million seizure.
The disclosure was made at the Government Accountability Series press briefing held in Accra on December 18, 2025.
Addressing the briefing, the Attorney General and Minister for Justice, Dr Dominic Ayine, said EOCO recovered the $15.191 million from offshore cryptocurrency wallets linked to a criminal network that defrauded more than 1,000 Ghanaian and British victims through an online trading scheme operating since 2019.
“Some of the money will be used to compensate victims who were defrauded, while a larger portion will be paid into the public purse,” Dr Ayine said.
The scheme, run by Chinese and Malaysian nationals, lured victims with promises of high returns through investment packages ranging from GH¢770 to GH¢9,000. Participants were instructed to purchase products on a fake e-commerce platform and recruit others through referral systems typical of Ponzi-style operations.
Dr Ayine explained that the suspects produced instructional videos demonstrating how payments were made using virtual currency. These materials enabled EOCO to trace the cryptocurrency wallets used to move the proceeds.
Investigations revealed transfers into a wallet on the OKX exchange platform, which is based offshore in Seychelles. EOCO identified more than 1,000 transactions originating from a single computer IP address linked to a Chinese national living in Ghana on a residence permit.
According to Dr Ayine, efforts to trace the Malaysian directors stalled after requests for mutual legal assistance sent to Malaysia received no response. EOCO subsequently sought support from the United Kingdom’s National Crime Agency.
With assistance from UK-based firms, EOCO applied to the High Court for orders directing 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 and ten cents transferred into EOCO’s exhibit account.
Dr Ayine acknowledged the role of Justice Gwendolyn Millicent Owusu of the Economic and Financial Crime Division of the High Court, noting that her understanding of the legal complexities made the recovery possible.
“Without her understanding of the complexities of the case, this outcome would have been difficult to achieve,” he said.
Dr Ayine noted that the case has attracted the attention of international law enforcement agencies, particularly due to Ghana’s use of non-conviction-based asset recovery in relation to virtual assets held outside the country.
He said the outcome sends a clear message to criminals seeking to hide proceeds through cryptocurrency that EOCO would pursue such cases across borders.
The $15.191 million forms part of EOCO’s total recoveries of $336.6 million for 2025, comprising $194 million in direct recoveries lodged in EOCO’s exhibit account and $142.6 million in indirect recoveries paid to the Ghana Revenue Authority or the Consolidated Fund.
Dr Ayine attributed the results to the work of EOCO under its Executive Director, Mr Raymond Archer, and his management team during 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 transmitted to the United States Department of Justice on December 10, 2025, following a formal application from the Office of the Special Prosecutor.
Dr Ayine said the two face 78 charges, including causing financial loss to the state and using public office for private benefit.
He added that another announcement involving politically exposed persons under criminal investigation would be made on Monday.
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