The Economic and Financial Crimes Commission (EFCC) has dismantled a large syndicate operating cryptocurrency investment and romance scams, arresting 792 suspects during a high-profile raid in Lagos.
The operation, conducted at a seven-storey building known as the Big Leaf Building at No. 7, Oyin Jolayemi Street, Victoria Island, led to the apprehension of 193 foreign nationals, including 148 Chinese, 40 Filipinos, two individuals from Kharzartan, one Pakistani, and one Indonesian.
EFCC Director of Public Affairs, Wilson Uwujaren, disclosed during a press briefing that the raid followed months of surveillance and intelligence gathering on the syndicate’s activities.
The building, designed to mimic a corporate financial headquarters, was allegedly used to train Nigerian recruits in romance and investment scams.
Investigators found the building equipped with high-end desktop computers, and over 500 SIM cards were recovered from just one floor.
The syndicate reportedly recruited Nigerian youths with advanced computer skills, training them for two weeks on impersonation techniques to target victims in the United States, Canada, Mexico, and Europe.
The recruits created fake online profiles to lure victims through platforms like WhatsApp, Instagram, and Telegram. Once trust was established, victims were directed to a fraudulent investment platform, ‘www.yooto.com’, where activation fees started at $35.
Mr. Uwujaren revealed that the Nigerian recruits were unaware of the full scope of the operation. They worked under the supervision of foreign syndicate members and were paid either in cash or through personal accounts without formal employment contracts.
After securing victims, the recruits were cut off from the operation while the foreign kingpins completed the scams.
Recovered items included desktop computers, mobile phones, laptops, and vehicles.
The EFCC has obtained statements from the suspects and screened their devices. All suspects are being detained under a valid remand warrant, with plans to arraign them in court soon.
Mr. Uwujaren highlighted the international nature of the crime, stressing the role of foreign nationals in exploiting Nigeria’s reputation and contributing to global fraud.
“This operation shows that the notion that Nigerians are solely behind these frauds is incorrect. Foreigners are leveraging our unfortunate reputation to establish criminal enterprises,” he said.
The EFCC is collaborating with foreign partners to ensure that the arrested individuals face justice.
“There will be no hiding places for criminals in Nigeria,” Mr. Uwujaren affirmed.
