The Economic and Financial Crimes Commission (EFCC) has arrested 792 foreign nationals for their alleged involvement in cryptocurrency investment fraud and romance scams, marking the largest operation in the agency’s history.
Among those arrested are 148 Chinese nationals, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian. The suspects were apprehended in a surprise raid at their hideout, a seven-storey building called the Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.
The EFCC revealed that the operation followed months of surveillance and actionable intelligence on the syndicate’s activities. Investigations confirmed that the suspects used the building, which appeared to be a legitimate office, to train Nigerian accomplices on executing romance and investment scams. They also used Nigerian identities to carry out their fraudulent schemes.
The building, equipped with high-end desktop computers, housed several floors dedicated to criminal operations. On the fifth floor, investigators seized 500 SIM cards from local telecom providers, which were obtained for illegal purposes.
According to the EFCC, the foreign suspects recruited Nigerian accomplices to target victims primarily in the United States, Canada, Mexico, and several European countries through phishing scams. These accomplices were provided with desktop computers and mobile devices to create fake profiles for fraudulent business and romantic interactions.
Using WhatsApp, Instagram, and Telegram, the scammers posed as business professionals or romantic partners, encouraging victims to register on a fake online investment platform, www.yooto.com. Victims were instructed to pay activation fees starting at $35 to open an account.
This successful operation represents a major blow to the international syndicate behind these fraudulent activities.
