EFCC arrests 792 individuals, including foreign nationals, for involvement in cryptocurrency romance scams. Major crackdown on crypto fraud.
Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested 792 people involved in cryptocurrency romance scams. The arrests occurred on December 10, 2024, at the Big Leaf Building in Victoria Island, Lagos. Among the arrested people were 148 Chinese, 40 Filipinos, and other foreigners.
This operation was conducted under information provided to the EFCC. The suspects were charged with crimes of cryptocurrency fraud and romance scams. The Big Leaf Building which looked like an office of some large company was also used in training some Nigerian helpers. It was operated by foreigners who took up Nigerian personalities in their dealings.
EFCC spokesperson, Commander CEWilson Uwujaren stated that computers’ were found on every floor including high end ones. Police further found fifty SIM cards purchased for unlawful use. The foreign suspects hired Nigerians to help them in phishing scams involving victims from nations such as the U.S., Canada, and Mexico.
EFCC Dismantles International Crypto Fraud Network in Lagos
Nigerian accomplices were instructed to make fake identities on social media platforms and interact with victims through WhatsApp, Instagram, Telegram and others. They persuaded victims to make an investment in a non-existent program at www.yooto.com. First of all, the victims were expected to pay $35 USD as activation fee.
The EFCC said that the Nigerian recruits were selected for their computer expertise. To make the scam, they were provided with desktop computers and phones. Following a two-week induction, they trained to portray some international women in the romance fraud. After the victims have fallen for the scam, other foreign leaders take over and deny the Nigerian conspirators access.
The EFCC Chairman, Olukoyede, stated that Nigerian recruits needed to be made aware of the real owners of the fake company. They were not signed on legal papers or paid through company cheques. However, they received their wages in cash or through their bank accounts, as the case may be.
Currently, the EFCC is collaborating with its counterparts in other countries to determine the magnitude of the scam. They are also trying to establish connections with international criminal organizations. In addition, Olukoyede noted that these crimes are being perpetrated through the use of the Nigerian image by foreigners.
Lastly, the raid led to confiscation of computers, phones, and cars. The suspects will be charged once police conduct their investigations. Ultimately, this operation marks a significant step in tackling cryptocurrency fraud in Nigeria.
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