By Ayomide Otitoju
The Economic and Financial Crimes Commission (EFCC) has apprehended 792 individuals involved in cryptocurrency investment fraud and romance scams. The operation, which took place on Tuesday, December 10, 2024, targeted a syndicate operating out of an imposing seven-storey building, Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.
EFCC’s Director of Public Affairs, Wilson Uwujaren, disclosed this during a press briefing in Lagos on Monday. He noted that the arrests were the result of months of surveillance and intelligence gathering.
International Syndicate Exposed
Among those arrested were 148 Chinese nationals, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian. The building, which appeared to function as a legitimate corporate office, was allegedly used to train Nigerian recruits to perpetrate online fraud.
Uwujaren revealed, “Investigation established that the foreign nationals used the facility to train their Nigerian accomplices on how to initiate romance and investment scams. They also utilized Nigerian identities to carry out fraudulent activities targeting victims in the U.S., Canada, Europe, and Mexico.”
Sophisticated Setup
The EFCC discovered high-end equipment across all floors of the building, including over 500 SIM cards on the fifth floor alone, used for illicit activities. Recruited Nigerians were provided with desktop computers, mobile devices, and fake foreign profiles to engage victims in fraudulent chats on platforms like WhatsApp, Instagram, and Telegram.
Uwujaren added, “The Nigerians are trained to personate foreign females in romance scams and convince victims to invest in a sham cryptocurrency platform called www.yooto.com, with activation fees starting at $35.”
Once the Nigerian recruits secured victims’ confidence, the foreign operators would take over, completing the scams and cutting off the Nigerians from further involvement.
Revealing Recruitment and Payments
The Nigerian accomplices were recruited based on their typing proficiency and computer skills. They received no official employment letters and were paid in cash or through personal bank accounts.
Uwujaren emphasized, “The Nigerians do not know the true owners of the operation, underscoring the clandestine nature of the syndicate.”
Ongoing Investigations
The EFCC seized numerous items, including desktop computers, laptops, mobile phones, and vehicles. The arrested individuals are currently in custody with valid remand warrants, and legal proceedings are underway.
Uwujaren noted the global implications of the operation, highlighting collaboration with international partners to dismantle the fraud network.
Setting the Record Straight
The EFCC spokesperson debunked the stereotype that Nigerians dominate global fraud networks. He stated, “This operation reveals that foreigners are exploiting Nigeria’s reputation to conduct their criminal enterprises. As this arrest shows, there will be no hiding place for criminals in Nigeria.”
The EFCC’s decisive action underscores its commitment to combatting cybercrime and safeguarding Nigeria’s image on the global stage.
