The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 individuals, including 193 foreign nationals, for alleged involvement in cryptocurrency investment fraud and romance scams.
Speaking at the agency’s Lagos office, EFCC spokesperson Wilson Uwujaren disclosed that the suspects were apprehended on December 10, 2024, in a coordinated raid on a seven-story building located at 7 Oyin Jolayemi Street, Victoria Island. The structure, known as the Big Leaf Building, served as a hub for elaborate cyber scams, he revealed.
Among the arrested foreigners were 148 Chinese nationals, 40 Filipinos, two Khazakhstanians, one Pakistani, and one Indonesian. According to Uwujaren, the suspects allegedly used the premises to train Nigerian accomplices in initiating romance scams and cryptocurrency frauds, targeting victims primarily from the United States, Canada, Mexico, and Europe.
The EFCC discovered hundreds of high-end computers, over 500 SIM cards, and other equipment used in perpetrating the scams. The Nigerian recruits, mostly young and tech-savvy, were trained to impersonate foreign nationals, build online relationships with victims, and lure them into fraudulent cryptocurrency schemes via fake platforms like Yooto.com.
“These accomplices are given fake foreign profiles, foreign telephone numbers, and detailed scripts to interact with victims on platforms like WhatsApp, Instagram, and Telegram,” Uwujaren explained. He added that once victims were convinced to invest, the foreign operators would take over, cutting the Nigerian recruits out of the process and leaving them unpaid.
The EFCC has vowed to uncover the full extent of the syndicate’s operations and is collaborating with international partners to identify links to other organized crime networks. The suspects remain in custody and are expected to face court proceedings soon.
“This operation demonstrates that the narrative of Nigerians being the sole perpetrators of global scams is misleading,” Uwujaren concluded. “Foreign nationals are exploiting Nigeria’s reputation to establish fraudulent operations here. However, we are committed to ensuring there is no safe haven for criminals.”
The EFCC urged members of the public to remain vigilant and report any suspicious activities.
