The Economic and Financial Crimes Commission has arrested 792 individuals, including 193 foreigners, in a major crackdown on cryptocurrency investment fraud and romance scams.
The suspects were apprehended in a surprise operation on December 10, 2024, at a building in the Victoria Island area of Lagos, known as the Big Leaf Building, located on Oyin Jolayemi Street.
EFCC Director of Public Affairs, Wilson Uwujaren, revealed that the arrests followed months of surveillance and intelligence gathering.
Among the foreign nationals detained are 148 Chinese nationals, 40 Filipinos, and others from countries including Pakistan and Indonesia.
According to Uwujaren, the suspects were using the building to train Nigerian accomplices in fraudulent schemes targeting victims primarily in North America and Europe.
“These foreign nationals used the facility, which resembled a corporate office, to recruit Nigerian operatives for romance and investment scams.
They provided them with high-end computers, mobile devices, and even international phone lines to establish fake online identities and manipulate victims,” Uwujaren explained.
The suspects allegedly lured victims into investing in a fake cryptocurrency platform, Yooto.com, where victims were encouraged to pay activation fees starting at $35.
The Nigerian operatives, trained in computer skills and typing, were tasked with engaging victims in online chats on platforms like WhatsApp, Instagram, and Telegram, convincing them to invest.
Once trust was established, the foreign criminals took over and completed the fraud, blocking their Nigerian accomplices from further involvement.
The EFCC also found a large cache of evidence during the operation, including hundreds of SIM cards, desktop computers, laptops, and mobile phones.
“What is clear from this arrest is that Nigerians are not solely responsible for these scams. Foreigners have exploited Nigeria’s reputation to establish operations here and carry out their criminal activities,” Uwujaren added.
The suspects are currently in custody with a valid remand warrant and are expected to be arraigned in court in the coming days.
The EFCC is continuing its investigation, working with international partners to trace the full extent of the scam and identify further accomplices.
