The Economic and Financial Crimes Commission (EFCC) has arrested 792 individuals suspected of involvement in cryptocurrency investment fraud and romance scams.
The raid, which took place on Tuesday, targeted a seven-storey building known as Big Leaf Building on Oyin Jolayemi Street, Victoria Island, Lagos.
According to a statement signed by Dele Oyewale, EFCC’s Head of Media and Publicity, the operation was based on credible intelligence.
Ola Olukoyede , EFCC Executive Chairman, revealed that the suspects include 148 Chinese nationals, 40 Filipinos, two Khazakhstanians, one Pakistani, and one Indonesian.
Olukoyede noted that the foreign operatives reportedly collaborated with Nigerian accomplices to execute the elaborate schemes.
“The suspects operated out of the Big Leaf Building, which appeared to be a corporate headquarters but was equipped with sophisticated tools for fraud”, he said .
Olukoyede explained that the foreign nationals trained their Nigerian counterparts in crafting fake online profiles for scams.
“On one floor alone, investigators discovered 500 SIM cards from local telecommunications companies, allegedly used to contact victims.
“The Nigerian recruits were trained to impersonate foreigners and initiate romance or investment scams targeting individuals in the United States, Canada, Mexico, and Europe.
“Their primary tool was fake profiles and fake platforms like www.yooto.com. Once a victim showed interest, an activation fee of $35 was charged. From there, they were lured into making larger investments in the fraudulent cryptocurrency scheme”, Olukoyede said.
The EFCC revealed that young Nigerians were recruited based on their computer proficiency, particularly their typing skills.
“Successful candidates underwent a two-week induction program where they learned to pose as foreign women and engage victims in romantic or business conversations via WhatsApp, Instagram, and Telegram.
“Once the Nigerians convinced victims to invest, the foreign operatives took over and blocked the Nigerians from further communication,” Olukoyede added.
He further disclosed that payments to the Nigerian recruits were made in cash or via personal accounts, leaving them unaware of the true identities of their employers.
Olukoyede emphasized that many international fraud syndicates exploit Nigeria’s reputation to carry out their schemes.
“Foreigners are establishing criminal enterprises here, leveraging Nigeria’s reputation to cover their tracks. But this operation proves there are no hiding places for criminals in Nigeria,” he stated.
Michael Wetkas, acting Zonal Director of the Lagos EFCC Directorate, called for greater media collaboration in combating economic crimes.
Items seized include desktop computers, mobile phones, laptops, and cars.
The anti graft agency noted that the suspects will face legal action after investigations are concluded.
“The EFCC is working with international partners to assess the scope of the fraud and uncover potential links to global crime networks”, he stated.
