In a groundbreaking operation, Nigeria’s Economic and Financial Crimes Commission (EFCC) dismantled a sophisticated cryptocurrency fraud syndicate, arresting 792 suspects.
This unprecedented crackdown took place on December 10 in Lagos, uncovering a global web of cybercrime that revolved around romance scams and cryptocurrency fraud.
This operation represents the most significant effort in Nigeria’s history to combat cyber fraud, with the suspects operating a high-tech scheme targeting victims worldwide.
Sophisticated scams driven by a global syndicate
The arrested individuals included a diverse group of nationals, among them 148 Chinese, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian.
These foreign nationals reportedly acted as key orchestrators, training local Nigerian operatives in advanced phishing techniques and scam methodologies.
Investigators revealed that the operation centred on a seven-story building in Lagos, equipped with cutting-edge technology, including hundreds of computers, mobile devices, and over 500 SIM cards linked to Nigerian telecom operators.
The building functioned as both a training facility and a call centre for fraud, enabling the syndicate to execute romance-based scams commonly referred to as “pig butchering.”
Scammers lured victims through fake social media profiles, manipulating them into believing in false romantic connections or lucrative investment opportunities.
Victims were then pressured to invest in a fraudulent cryptocurrency platform, yooto(.)com, which charged an initial activation fee of $35, followed by successive payments.
Technology-fuelled scams target Western victims
The scheme primarily targeted individuals in the United States, Canada, Mexico, and Europe.
Using platforms like WhatsApp, Instagram, and Telegram, scammers communicated through foreign-registered accounts, often originating from Germany and Italy.
The sophisticated technological infrastructure enabled the syndicate to cast a wide net, reaching unsuspecting victims globally.
Chinese nationals in the group provided financial backing, technological expertise, and operational infrastructure to expand the scam’s reach.
Their involvement highlights the increasing role of international crime syndicates in exploiting regions with weaker cybersecurity enforcement.
Similar operations have previously been reported in Southeast Asia, and experts warn of a growing trend in Africa.
Nigerian operatives were reportedly paid up to $500 monthly for their participation, a significant sum compared to the country’s minimum wage.
This financial incentive further underscores how such schemes exploit economic disparities to recruit local participants.
EFCC’s international collaboration to dismantle cybercrime
The EFCC’s investigation has now expanded to include global partnerships, as authorities aim to uncover connections between this operation and broader organised crime networks.
The scale and sophistication of this scheme have drawn attention to the urgent need for stronger cybersecurity measures and international cooperation to combat cyber fraud.
The arrests not only represent a major victory against cybercrime in Nigeria but also signal a warning to other regions vulnerable to similar schemes.
As investigators continue to piece together the intricate web of this syndicate, the operation serves as a stark reminder of the global reach and complexity of cryptocurrency fraud.
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