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The Economic and Financial Crimes Commission has executed its largest single-day crackdown on cryptocurrency and romance scam syndicates, apprehending 792 suspects in Lagos.
Cable reports that 158 foreigners and 634 others were arrested in a single raid on a Lagos building.
“This is the biggest arrest of its kind in a single operation,” Wilson Uwujaren, EFCC spokesperson, declared at a press briefing on Monday.
The arrests were made at a seven-storey building located on Victoria Island, Lagos.
The suspects include 114 Chinese nationals, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian.
According to Uwujaren, the foreign nationals were allegedly using the building as a training hub to teach Nigerians the art of orchestrating romance and cryptocurrency scams.
“The foreigners were creating fake profiles for their Nigerian accomplices to engage in romance and investment scams,” Uwujaren disclosed.
The EFCC said all seven floors of the building were equipped with advanced desktop computers used for fraudulent activities.
Investigators also recovered over 500 SIM cards from Nigerian telecommunications operators.
Phishing for victims globally
Uwujaren detailed how the operation worked, describing it as a highly organised syndicate.
“The Nigerian accomplices were recruited by foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and Europeans,” he said.
The accomplices, armed with computers and mobile devices, were assigned fake profiles and given access to foreign communication lines.
These lines, connected to platforms like WhatsApp, Instagram, and Telegram, enabled the fraudsters to engage victims in romantic conversations and elaborate investment schemes.
“They are provided with WhatsApp accounts linked to foreign numbers, particularly from Germany and Italy,” Uwujaren added.
The ultimate goal was to lure victims to a fake online investment platform, www.yooto.com, where activation fees to create an account began at $35.
“Their job was to trick victims into romantic and business discussions to convince them to shop on the platform,” Uwujaren explained.
Arraignment in pipeline
The suspects are currently in custody under a valid remand warrant, according to Uwujaren. The EFCC has assured the public that the accused will face prosecution soon.
This operation underscores the EFCC’s commitment to tackling cybercrime in Nigeria, marking a significant step in its fight against financial fraud and international scams.
A Monday statement by the EFCC’s Head of Media and Publicity, Dele Oyewale, read, “The Commission, in a landmark raid, arrested 792 suspects for their alleged involvement in cryptocurrency investment fraud and romance scams.
“The suspects were apprehended on Tuesday, December 10, 2024, in a surprise operation at their hideout, an imposing seven-storey edifice known as Big Leaf Building, on No. 7, Oyin Jolayemi Street, Victoria Island, Lagos, following verifiable intelligence received by the Commission.”
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