By Habeeb Ibrahim
The Economic and Financial Crimes Commission (EFCC) has apprehended 792 individuals allegedly involved in cryptocurrency investment and romance scams.
The suspects, including 193 foreign nationals, were arrested on Tuesday, December 10, 2024, during a surprise raid on Big Leaf Building, a seven-storey complex located at No. 7, Oyin Jolayemi Street, Victoria Island, Lagos.
The operation, described as one of the Commission’s largest, followed actionable intelligence and was carried out under the leadership of EFCC Chairman, Ola Olukoyede. During a press briefing held on Monday, December 16, 2024, at the Lagos Zonal Directorate, Olukoyede, represented by Commander CE Wilson Uwujaren, Director of Public Affairs, detailed the arrest and operations of the syndicate.
Among those arrested were 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. According to Uwujaren, the foreign suspects operated from a facility resembling the corporate headquarters of a financial institution, training Nigerian recruits to initiate scams targeting victims overseas.
“All the floors are equipped with high-end desktop computers,” Uwujaren said. “On the 5th floor alone, investigators recovered 500 SIM cards from local telecom providers, purchased for criminal purposes.”
The foreign operators reportedly exploited Nigeria’s reputation for fraud to mask their activities, using their Nigerian accomplices to target victims primarily in the United States, Canada, Mexico, and Europe through phishing schemes.
The syndicate’s scheme involved creating fake profiles on platforms like WhatsApp, Instagram, and Telegram, where Nigerian recruits, trained to personate foreign females, engaged victims in romantic conversations or business proposals. Victims were lured into investing on a fraudulent cryptocurrency platform, yooto.com, with activation fees starting at $35.
“The Nigerians were provided with desktop computers, mobile devices, and foreign telephone lines to engage with victims,” Uwujaren explained. “Once the confidence of a victim was secured, the foreigners would take over the operation, defraud the victim, and block their Nigerian accomplices from the network.”
Nigerian recruits were reportedly selected based on their computer proficiency, particularly typing skills, and underwent two weeks of induction training. However, they remained in the dark about their employers’ identities, receiving payments in cash or via individual accounts, without formal employment contracts.
EFCC operatives seized a range of items during the raid, including desktop computers, mobile phones, laptops, and vehicles.
Olukoyede emphasized that the raid debunked the stereotype that Nigerians are the sole perpetrators of scams originating from the country. “Foreigners are exploiting Nigeria’s unfortunate reputation as a haven for fraud to disguise their criminal enterprises. This operation shows that no criminal will find refuge here,” he said.
He added that the EFCC is collaborating with international partners to uncover the full extent of the scam and its links to global fraud syndicates.
Michael Wetkas, acting Zonal Director of the Lagos Zonal Directorate, urged media organizations to play an active role in the fight against corruption and economic crimes.
The suspects remain in custody, and further investigations are underway to build a strong case for prosecution. They will be charged in court upon the conclusion of the investigation.
