In a dramatic crackdown, the Economic and Financial Crimes Commission (EFCC) has dismantled a large-scale syndicate involved in cryptocurrency investment and romance scams, arresting a staggering 792 suspects in a high-profile raid in Lagos.
The operation, executed in the early hours at the seven-storey Big Leaf Building located on Oyin Jolayemi Street in Victoria Island, led to the capture of 193 foreign nationals, including 148 Chinese nationals, 40 Filipinos, as well as individuals from Pakistan, Indonesia, and Kharzartan.
EFCC’s Director of Public Affairs, Wilson Uwujaren, revealed that the raid was the culmination of months of meticulous surveillance and intelligence gathering on the criminal network’s operations.
The Big Leaf Building, which had been operating under the guise of a legitimate financial firm, was used to recruit Nigerian youths and train them in the art of romance and cryptocurrency investment frauds.
According to the EFCC, the building was well-equipped with high-end desktop computers and housed over 500 SIM cards on a single floor.
The scam involved Nigerian recruits, many of whom had advanced computer skills, being trained for two weeks on how to impersonate individuals on social media platforms like WhatsApp, Instagram, and Telegram to deceive victims across the United States, Canada, Mexico, and Europe. Once trust was gained, victims were directed to a fraudulent investment website, ‘www.yooto.com,’ where they were convinced to pay activation fees starting at $35.
Mr. Uwujaren emphasized that many of the Nigerian recruits were unaware of the full scope of the operation.
They were recruited by the foreign syndicate, working under their supervision, and paid through informal channels, without formal employment contracts.
Once the scam was set in motion, the recruits were cut off, with foreign syndicate members completing the fraudulent activities.
Authorities recovered an array of items during the raid, including desktop computers, mobile phones, laptops, and vehicles. Statements have been taken from the suspects, and investigators have begun screening their devices. All arrested individuals are currently in detention under a valid remand warrant, with plans to bring them to court in the near future.
Wilson Uwujaren also highlighted the international dimensions of the crime, underscoring the role of foreign nationals in exploiting Nigeria’s image to run global scams.
“This operation demonstrates that the idea that Nigerians are solely responsible for such frauds is wrong. Foreigners are exploiting our unfortunate reputation to establish these criminal enterprises,” he noted.
The EFCC has also pledged to continue its collaboration with international law enforcement agencies to ensure that all suspects face justice. “There will be no hiding places for criminals in Nigeria,” Mr. Uwujaren concluded.
