Historic Raid As EFCC Arrests 193 Foreigners, 599 Others Over Alleged Crypto Fraud In Lagos

The Economic and Financial Crimes Commission (EFCC) has arrested 792 foreign nationals for their involvement in cryptocurrency investment fraud and romance scams, the largest operation in the agency’s history.

According to a statement provided by the commission, those arrested include 148 Chinese nationals, 40 Filipinos, two Khazartans, one Pakistani, and one Indonesian.

The accused were caught in a surprise operation at their refuge, the Big Leaf Building, a seven-story structure at No. 7, Oyin Jolayemi Street, Victoria Island, Lagos.

The EFCC said that the operation was the product of actionable intelligence gathered over months of surveillance of the syndicate’s activities.

It claimed the inquiry proved that the foreigners utilised the premises, which seemed to be a legitimate corporate office, to instruct Nigerian collaborators on carrying out romance and investment scams.

They also utilised Nigerian identities to carry out their fraudulent activities.

The complex, outfitted with high-end desktop computers, had many floors dedicated to illegal activity. On the fifth floor, detectives recovered 500 SIM cards from local telecom companies that had been obtained for unlawful purposes.

According to the EFCC, the overseas suspects recruited Nigerian collaborators to use phishing techniques on victims, predominantly in the United States, Canada, Mexico, and different European nations.

’The Nigerian operatives were given desktop computers and mobile devices, creating fake profiles to engage victims in fraudulent romantic and business conversations. 

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These accomplices communicated with victims using WhatsApp, Instagram, and Telegram, often pretending to be business professionals or romantic partners. The scammers encouraged victims to register on a fake online investment platform, www.yooto.com, where they were required to pay activation fees starting at $35 to open an account.”