A sting operation by the Economic and Financial Crimes Commission (EFCC) has led to the arrest of 792 individuals allegedly involved in cryptocurrency investment fraud and romance scams.
The Executive Chairman of the EFCC, Ola Olukoyede, disclosed this at a news conference in Lagos on Monday. He revealed that the arrests were made on Tuesday, December 10, 2024, during a surprise raid on a seven-story building known as the Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos. The operation followed actionable intelligence received by the Commission.
Foreign Nationals Among the Arrested
During the media briefing held at the Lagos Zonal Directorate of the EFCC, Olukoyede stated that the suspects included:
• 148 Chinese nationals
• 40 Filipinos
• Two Kazakhs
• One Pakistani
• One Indonesian
These foreign nationals reportedly used the building, which had the appearance of a corporate financial headquarters, to train Nigerian accomplices in orchestrating romance and investment scams. According to Olukoyede, the syndicate also used the identities of these Nigerians to conduct fraudulent activities.
The EFCC revealed that the building was equipped with high-end desktop computers, including 500 SIM cards from local telecommunications companies recovered on the fifth floor alone.
“The foreign kingpins recruited Nigerians to prospect for victims online through phishing, targeting individuals in countries like the United States, Canada, Mexico, and several European nations. They provided their recruits with computers, mobile devices, and fake profiles to engage potential victims via platforms such as WhatsApp, Instagram, and Telegram,” Olukoyede explained.
Modus Operandi of the Syndicate
The EFCC Chairman further elaborated on how the syndicate operated:
• Nigerian accomplices were assigned WhatsApp accounts linked to foreign telephone numbers, mainly from Germany and Italy.
• They engaged victims in romantic or business-related conversations to lure them into investing in a fake online platform, Yooto.com, with activation fees starting at $35.
• The Nigerians were trained to impersonate foreign women and convince victims to invest in the cryptocurrency scheme.
Once the victims showed interest, the foreign syndicate members took over the scam, defrauded the victims, and cut off the Nigerian accomplices from the network, leaving them in the dark about the transactions.
Olukoyede noted that the Nigerian accomplices had no knowledge of the syndicate’s owners, as they received payments either in cash or through personal accounts without formal employment contracts.
Leveraging Nigeria’s Reputation for Fraud
The EFCC Chairman emphasized that the operation disproved the narrative that Nigerians are solely responsible for fraud originating from the country.
“Foreigners are exploiting Nigeria’s unfortunate reputation as a hub for fraud to disguise their own criminal enterprises. However, as this operation demonstrates, there will be no hiding places for criminals in Nigeria,” Olukoyede stated.
He added that the Commission is collaborating with international partners to determine the full extent of the fraud, uncover additional accomplices, and assess potential connections to organized international fraud rings.
Items Recovered and Next Steps
The EFCC recovered several items during the raid, including desktop computers, mobile phones, laptops, and vehicles. Investigations are ongoing, and the suspects will be charged in court upon conclusion of the probe.
Michael Wetkas, the acting Zonal Director of the Lagos Zonal Directorate of the EFCC, called for greater collaboration with the media in combating corruption and economic crimes.
This operation highlights the EFCC’s resolve to clamp down on international fraud networks exploiting Nigeria as a base for their illicit activities.
