In a world where technology connects us more than ever, it also creates new ways for deception to thrive.
Behind every scam that ruins lives, there’s often a well-organised network of fraudsters working in the shadows.
On Monday, December 16, 2024, The Economic and Financial Crimes Commission (EFCC) nabbed a large syndicate running cryptocurrency investment and romance scams. The operation in Lagos resulted in the arrest of 792 suspects.
The EFCC carried out the operation at a seven-storey building called the Big Leaf Building, located at No. 7, Oyin Jolayemi Street, Victoria Island.
During the raid, agents arrested 193 foreign nationals: 148 Chinese, 40 Filipinos, two individuals from Kharzartan, one Pakistani, and one Indonesian.
Romance And Investment Scam Recruits
The EFCC Director of Public Affairs, Wilson Uwujaren, explained in a press briefing that, months of surveillance and intelligence gathering led to this successful raid.
The building, which looked like a corporate financial office, was actually a training hub for Nigerian recruits learning how to carry out romance and investment scams.
Evidence Found
Inside the building, investigators discovered high-end desktop computers and over 500 SIM cards on just one floor.
The syndicate targeted Nigerian youths with strong computer skills, training them for two weeks in impersonation techniques.
These recruits were then tasked with scamming victims in countries like the United States, Canada, Mexico, and across Europe.
Scammers Method Of Operation
The scammers used fake profiles on platforms like WhatsApp, Instagram, and Telegram to trick their victims.
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After building trust, they convinced victims to invest through a fake platform called ‘www.yooto.com’, where activation fees started at $35.
Mr. Uwujaren explained that many Nigerian recruits didn’t know the full extent of the scam.
They worked under the supervision of foreign syndicate members and received payment in cash or through personal accounts, with no formal contracts.
After the recruits secured victims, the foreign leaders of the syndicate would complete the scam, cutting the recruits off from further involvement.
What the EFCC Recovered
Agents seized desktop computers, mobile phones, laptops, and vehicles during the raid.
They also obtained statements from the suspects and screened their devices.
All the suspects remain in custody under a valid remand warrant, and the EFCC plans to charge them in court soon.
EFCC Discovery
Mr. Uwujaren highlighted the international nature of the crime.
He stressed that foreign nationals were taking advantage of Nigeria’s reputation to carry out these scams.
“This operation shows that Nigerians are not the only ones behind these frauds. Foreigners are using our unfortunate reputation to set up their criminal enterprises,” he said.
