The Economic and Financial Crimes Commission (EFCC) in Nigeria has dismantled an elaborate international fraud operation, arresting 792 suspects allegedly involved in crypto investment and romance scams.
The coordinated raid on December 10, 2024, targeted the Big Leaf Building in Victoria Island, Lagos, which had been used as a hub for training Nigerian accomplices in fraudulent activities.
Among those detained were 148 Chinese nationals, 40 Filipinos, and individuals from other countries. The operation highlights the global reach of these schemes, which preyed on victims in North America, Europe, and beyond.
Over 500 SIM cards recovered
During the raid, investigators discovered extensive evidence of the suspects’ activities, including over 500 SIM cards, high-end computers, and mobile phones used to deceive victims.
The seven-story facility housed sophisticated operations aimed at orchestrating scams on platforms such as WhatsApp, Instagram, and Telegram.
The EFCC also seized vehicles used in the operation, emphasizing the scale and organization of the fraudulent activities.
According to EFCC Chairman Ola Olukoyede, speaking through Director of Public Affairs Wilson Uwujaren, the building served as a training ground where foreign nationals instructed Nigerian recruits on how to execute scams, including the creation of fake profiles and the manipulation of victims into investing in a bogus platform, www.yooto.com.
Fake profiles and fraudulent investments
The fraud relied heavily on the use of fake identities to gain victims’ trust.
Recruits underwent a two-week induction program, during which they were trained to impersonate foreign individuals convincingly.
Initial activation fees on the fraudulent platform started at $35, with victims lured into investing larger sums over time.
Once the victims were engaged, the Nigerian accomplices were sidelined, and foreign operators took over the scam, severing the connections to conceal transactions.
This layered strategy made it challenging for victims to trace the source of their losses, underscoring the operation’s calculated approach.
Payments bypass corporate systems
To maintain secrecy, payments to Nigerian recruits were made either in cash or via personal bank accounts, bypassing corporate systems entirely.
This approach ensured that the operations remained under the radar, further complicating efforts to track and dismantle the network.
The EFCC has confirmed that investigations are ongoing, with plans to charge the suspects once the process is complete.
The raid is one of the largest coordinated actions taken against crypto-related fraud in Nigeria, a country often cited as a hotspot for such activities.
The arrest of hundreds of individuals from various nationalities highlights the transnational nature of these schemes, as well as the need for greater international collaboration to combat cybercrime.
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