The Economic and Financial Crimes Commission (EFCC) has dismantled a massive cryptocurrency fraud syndicate operating out of Lagos.
In a dramatic operation on December 10, 2024, 792 suspects were arrested, including 193 foreign nationals.
The operation targeted a high-rise building on Oyin Jolayemi Street in Victoria Island, Lagos, which housed the syndicate’s operations disguised as a financial institution.
EFCC spokesperson Wilson Uwujaren described the arrests as the result of months of meticulous investigation and surveillance.
Among those detained were 148 Chinese nationals, 40 Filipinos, two Kharzartans, and others from Pakistan and Indonesia.
“This is one of the largest operations we have carried out against international fraud syndicates,” Uwujaren stated.
The syndicate reportedly used fake profiles and social media platforms to scam victims in the United States, Canada, and Europe.
Uwujaren revealed that Nigerian accomplices were trained by the foreigners to execute scams, particularly romance and cryptocurrency investment frauds.
“The Nigerian recruits are trained to engage victims on platforms like WhatsApp, Instagram, and Telegram,” he explained.
He added that the scammers used foreign phone numbers, especially from Germany and Italy, to pose as legitimate individuals.
Their primary goal was to lure victims into investing in a fake online shopping and investment platform called www.yooto.com.
Activation fees for accounts on the platform started at $35, with victims often tricked into investing much more.
The EFCC raid uncovered an array of sophisticated equipment used in the scams.
Recovered items included desktop computers, mobile devices, and 500 SIM cards purchased for fraudulent activities.
“The operation exposed the syndicate’s strategy of recruiting Nigerians with strong computer skills,” Uwujaren said.
Successful recruits underwent a two-week induction where they were trained to impersonate foreign women online.
“They were taught how to chat romantically and engage victims in fake business deals,” Uwujaren added.
Once victims showed interest, foreign fraudsters would take over, cutting off their Nigerian counterparts.
This ensured that the Nigerians remained unaware of the transactions and their scale.
Uwujaren pointed out that the arrests challenge the stereotype that Nigerians are solely responsible for frauds linked to the country.
“What is clear from this arrest is that foreigners are exploiting our nation’s reputation for fraud to set up criminal enterprises here,” he said.
He emphasized that the EFCC is committed to ensuring that there will be “no hiding place for criminals in Nigeria.”
Investigations have revealed that the Nigerian operatives were paid in cash or through personal bank accounts, not corporate systems.
Many of the local accomplices did not know the true identity of their employers or the full extent of the fraud.
Uwujaren confirmed that the EFCC is working with foreign partners to uncover the syndicate’s international links.
“This operation is only the beginning,” he said, promising further action against organized crime cells.
He also noted that suspects have made statements, and their devices are being analyzed for more evidence.
The Commission plans to arraign the suspects in court soon, armed with a valid remand warrant.
The EFCC believes the operation sends a strong message to fraudsters operating in Nigeria.
“This bust proves that Nigeria is not a safe haven for criminals,” Uwujaren declared.
He assured Nigerians and the international community that the EFCC remains vigilant against such crimes.
As investigations continue, authorities are determined to trace and dismantle all networks linked to the syndicate.
“This is a warning to others who think they can exploit Nigeria for their fraudulent activities,” Uwujaren concluded.
