Attorney-General and Minister for Justice, Dr. Dominic Ayine, says the former Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Sedina Christine Tamakloe Ationu, is close to being extradited to Ghana, after United States authorities completed extradition proceedings against her.
“The extradition proceedings have taken place in the United States and barring any appeal by her lawyers, she may very soon be extradited to Ghana to serve her prison term,” Dr. Ayine said.
He disclosed that a formal request for the former MASLOC boss’ extradition was submitted in July 2024 by his predecessor and that U.S. authorities had since worked through the legal process.
According to him, any legal challenge arising from the fact that she was tried in absentia in Ghana would be dealt with by the courts upon her return.
Dr. Ayine made the remarks during an accountability briefing in Accra, where he outlined what he described as major breakthroughs by the Economic and Organised Crime Office (EOCO), including the recovery of more than $15 million in laundered crypto currency proceeds and record asset recoveries in 2025.
$15.19m Crypto Fraud Recovery
At the centre of the briefing was EOCO’s recovery of $15,191,730 from a sophisticated international cryptocurrency fraud scheme that targeted Ghanaians and British citizens.
Dr. Ayine explained that the criminal enterprise operated under the guise of online trading and e-commerce, requiring victims to pay registration fees before purchasing so-called investment packages ranging from GH¢770 to GH¢9,240.
The schemes were promoted using professionally designed flyers and categorised into investment classes promising unrealistic returns.
Investigations revealed that the proceeds were laundered through crypto currencies, including Bitcoin, USDT and Ethereum, and transferred into offshore wallets hosted on the Seychelles-based crypto exchange platform, OKX.
Using blockchain analysis software, EOCO traced thousands of transactions to a single IP address and location, raising suspicions that the trades were being manipulated by a small group rather than genuine investors.
AduBoahene Prosecution
Responding to questions on the ongoing prosecution of former National Signals Bureau Director-General, AduBoahene, Dr. Ayine dismissed claims of contradictions in the case, insisting that the evidence of unlawful transfers of public funds remains solid.
He stated that investigations established that $7 million was transferred from a public account into a private account, stressing that the criminal issue is the act of transferring public funds, not disputes over exchange rates.
According to him, the prosecution is not required to prove the precise monetary value being contested by the defence to sustain the charge.
Bank transfer records, advice slips and expenditure trails, he said, form part of the documentary evidence and would be fully exposed when investigators take the witness stand.
Dr Ayine further indicated that from March to August 2020, the funds in question had been completely expended, with EOCO tracing multiple withdrawals and transfers to determine how the money was used.
Offshore Wallets Frozen
Dr Ayine said EOCO obtained Know Your Customer (KYC) information from OKX, identifying a Chinese national working in Ghana as the holder of one of the wallets and a central figure in the fraud scheme. Victims also identified the same individual as someone who directly received funds from them.
Following the discovery, EOCO secured freezing orders on multiple crypto wallets and worked with international partners to block access to the funds. Attempts by emissaries of the suspects to have the wallets unfrozen were unsuccessful.
A High Court order obtained on May 27, 2025, authorised the transfer of the frozen crypto assets to Zodiac Custody, which converted them into fiat currency and deposited the proceeds into EOCO’s exhibit account on November 19, 2025.
Record Recoveries
The Attorney General disclosed that EOCO exceeded its GH¢200 million recovery target for 2025, achieving total recoveries of GH¢337.4 million – the highest in the agency’s history.
Of this amount, GH¢194 million represents direct recoveries, while GH¢142.6 million constitutes indirect recoveries paid into the Consolidated Fund.
He credited the achievement to institutional leadership and political support, particularly from President John Dramani Mahama, and commended EOCO’s management and staff for what he described as tireless work.
Ofori-Atta Extradition
The Attorney-General also confirmed that former Finance Minister Ken Ofori-Atta is contesting his extradition from the United States, having retained top American lawyers.
He cautioned that extradition is a judicial process that could move through several layers of appeal.
Warning to Criminal Networks
Dr. Dominic Ayine said the crypto recovery case has drawn international attention, with commendations from the UK’s National Crime Agency and National Economic Crime Centre, describing it as a warning that Ghana is no longer a safe haven for organised financial crime.
The post Former MASLOC Boss Nears Extradition To Ghana –Ayine appeared first on The Ghanaian Chronicle.
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