The Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects for alleged involvement in cryptocurrency investment fraud and romance scams in a groundbreaking operation conducted in Lagos.
The raid took place on Tuesday, December 10, 2024, at the syndicate’s hideout an imposing seven-storey building known as the Big Leaf Building located at No. 7, Oyin Jolayemi Street, Victoria Island, Lagos following actionable intelligence gathered by the Commission.
During a press briefing held on Monday, December 16, 2024, at the Lagos Zonal Directorate, EFCC Chairman Ola Olukoyede, speaking through the Director of Public Affairs, Commander of the EFCC, Wilson Uwujaren, disclosed that among those apprehended were 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian.
Olukoyede revealed that the facility was being used to train Nigerian accomplices to initiate online romance and investment scams. These foreign operatives exploited their Nigerian recruits by equipping them with sophisticated tools to lure unsuspecting victims, mainly from the United States, Canada, Mexico, and parts of Europe.
Explaining the syndicate’s operations, Olukoyede said, “All floors of the building are fitted with high-end desktop computers. Investigators recovered over 500 SIM cards on the 5th floor alone, all procured for criminal activities.”
He further described how young Nigerians, proficient in computer use and typing, were recruited to prospect for victims using fake profiles and foreign communication lines. Victims were targeted through platforms such as WhatsApp, Instagram, and Telegram, where they were enticed into fake romantic relationships and fraudulent cryptocurrency investments.
“The Nigerians were provided access to foreign telephone lines and tasked with engaging victims in romantic or investment discussions. Interested victims were lured into using a fake online investment platform called www.yooto.com with activation fees starting at $35 USD,” he added.
Once victims were convinced, the foreign operators would take over communications, leaving their Nigerian accomplices unaware of the actual fraud and financial transactions. Payments to Nigerian recruits were made in cash or through personal bank accounts, further concealing the syndicate’s operations.
Olukoyede emphasized that the EFCC is working with international partners to uncover the full scale of the fraud and identify any links to organized international crime syndicates.
He debunked the notion that Nigerians are solely responsible for fraud originating in the country, saying, “Foreigners are taking advantage of Nigeria’s unfortunate reputation to establish criminal enterprises here. However, this operation demonstrates that there will be no hiding place for criminals in Nigeria.”
Items recovered during the raid include desktop computers, mobile phones, laptops, and vehicles. Acting Zonal Director Michael Wetkas reiterated the EFCC’s commitment to combating economic crimes and called for enhanced collaboration with the media to fight corruption effectively.
The EFCC confirmed that the suspects would be charged to court once investigations are completed.
