The Economic and Organised Crime Office (EOCO) has recovered a total of GH¢337.4 million, surpassing its GH¢200 million target by GH¢133.4 million, Attorney-General and Minister of Justice Dr Dominic Akrutinga Ayine has announced.
Direct recoveries deposited into EOCO’s exhibit account currently stand at about GH¢194 million, while indirect recoveries—funds paid directly to other government institutions such as the Ghana Revenue Authority or the Consolidated Fund—total GH¢142.4 million.
Dr Ayine revealed the recoveries during his address at the Government’s Accountability Series at the Presidency in Accra.
He detailed how EOCO uncovered a sophisticated international scam dating back to 2019, perpetrated mainly by Chinese and Malaysian nationals.
The criminals had targeted both Ghanaian and British citizens using e-commerce platforms and online investment schemes.
The fraudulent enterprise operated through a Ghanaian-registered company, purportedly engaged in “general trading and online marketing.”
Victims were lured into paying registration fees and purchasing investment packages ranging from GH¢770 to GH¢9,240, categorized as VIP1 through VIP5.
They were promised substantial returns through online trading and recruiting additional participants—a classic Ponzi scheme.
Payments were made via mobile money, cash, or cryptocurrency, with the criminals even producing instructional videos on crypto payments.
Using sophisticated blockchain analysis tools, EOCO traced the virtual currency transactions to crypto wallets on the offshore OKX platform in Seychelles.
Investigations revealed the wallets belonged to a Chinese national working in Ghana, who had directly received funds from victims.
EOCO froze the tainted wallets and, with assistance from the UK’s National Crime Agency and Comply Crypto Depository, transferred the assets to Zodiac Custody for conversion into fiat currency.
A High Court order in May 2025 enabled EOCO to receive the realized funds, ensuring victims of the fraud were compensated. On November 19, EOCO successfully recovered $15,191,730.13 (approximately GH¢194 million) from the criminal enterprise.
Dr Ayine lauded EOCO Executive Director Raymond Archer for leading the charge in law enforcement and anti-corruption efforts, highlighting the office’s ability to leverage domestic law to recover virtual assets hidden in foreign jurisdictions.
