Nigeria Arrests 792 People in Crypto Romance Scam Bust
A Major Cybercrime Bust in Lagos
Nigeria’s Economic and Financial Crimes Commission, EFCC, made a major raid on December 10, 2024, and arrested 792 suspects who were involved in an international crypto investment and romance scam. Among the suspects, there were 148 Chinese nationals, 40 Filipinos, and others from different countries. The operation targeted a well-coordinated fraud network headquartered in the Big Leaf Building, a seven-story facility on Victoria Island, Lagos.
Fraudulent Operations Uncovered
According to investigations by EFCC, the foreign suspects trained Nigerian recruits to open fake online profiles. Through WhatsApp, Instagram, and Telegram, the recruits chatted with victims, luring them into the fraud. Victims were guided to a scam investment website called Yooto.com that required an initial activation fee of $35.
The modus operandi of the scheme was to identify and groom victims across North America, Europe, and elsewhere while foreign operatives would then take over the transactions. This way, the Nigerian accomplices would be cut off to make tracing financial transactions more difficult.
High-Tech Equipment Seized
Recoveries made during the raid by EFCC investigators included over 500 SIM cards, high-end computer systems, and mobile devices used in the fraudulent operations. Other items seized included vehicles and other electronic devices that were integral to the perpetration of the scams.
The foreign operatives specifically chose accomplices from Nigeria with considerable computer skills and typing proficiency. After a two-week training, the recruits impersonated foreign nationals to establish trust with victims before passing on the fraudulent engagements to their overseas handlers. Payments to local participants were made in cash or personal accounts, bypassing any corporate systems.
What’s Next?
EFCC Chairman Ola Olukoyede, speaking through Director of Public Affairs Wilson Uwujaren, announced that the suspects would be charged once investigations are concluded. He highlighted the sophistication of the scam and reiterated the EFCC’s commitment to tackling cybercrime in Nigeria.
This is just one of several attempts by the agency to crush cybercrime networks that have sprawled across the country. With the rise in the complexity of fraud schemes across the world, the EFCC is still improving ways to help combat fraud incidents.
This raid proves that international collaboration plays an important role in tackling cybercrime and bringing justice for victims worldwide.
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Nigeria Arrests 792 People in Crypto Romance Scam Bust
A Major Cybercrime Bust in Lagos
Nigeria’s Economic and Financial Crimes Commission, EFCC, made a major raid on December 10, 2024, and arrested 792 suspects who were involved in an international crypto investment and romance scam. Among the suspects, there were 148 Chinese nationals, 40 Filipinos, and others from different countries. The operation targeted a well-coordinated fraud network headquartered in the Big Leaf Building, a seven-story facility on Victoria Island, Lagos.
Fraudulent Operations Uncovered
According to investigations by EFCC, the foreign suspects trained Nigerian recruits to open fake online profiles. Through WhatsApp, Instagram, and Telegram, the recruits chatted with victims, luring them into the fraud. Victims were guided to a scam investment website called Yooto.com that required an initial activation fee of $35.
The modus operandi of the scheme was to identify and groom victims across North America, Europe, and elsewhere while foreign operatives would then take over the transactions. This way, the Nigerian accomplices would be cut off to make tracing financial transactions more difficult.
High-Tech Equipment Seized
Recoveries made during the raid by EFCC investigators included over 500 SIM cards, high-end computer systems, and mobile devices used in the fraudulent operations. Other items seized included vehicles and other electronic devices that were integral to the perpetration of the scams.
The foreign operatives specifically chose accomplices from Nigeria with considerable computer skills and typing proficiency. After a two-week training, the recruits impersonated foreign nationals to establish trust with victims before passing on the fraudulent engagements to their overseas handlers. Payments to local participants were made in cash or personal accounts, bypassing any corporate systems.
What’s Next?
EFCC Chairman Ola Olukoyede, speaking through Director of Public Affairs Wilson Uwujaren, announced that the suspects would be charged once investigations are concluded. He highlighted the sophistication of the scam and reiterated the EFCC’s commitment to tackling cybercrime in Nigeria.
This is just one of several attempts by the agency to crush cybercrime networks that have sprawled across the country. With the rise in the complexity of fraud schemes across the world, the EFCC is still improving ways to help combat fraud incidents.
This raid proves that international collaboration plays an important role in tackling cybercrime and bringing justice for victims worldwide.
Read More
DappRadar: Blockchain Gaming Sees More Deals but Less Capital in Q1 2025