- The Economic and Financial Crimes Commission (EFCC) arrested 792, including 193 foreign nationals, in cybercrime and cryptocurrency fraud raid
- Suspects trained in romance scams using fake profiles to lure victims
- 500 Subscriber Identity Module (SIM) cards, computers, phones, and vehicles seized in the crackdown
A recent operation by the Economic and Financial Crimes Commission (EFCC) in Lagos led to the arrest of 193 foreign nationals, among 792 individuals, for their alleged involvement in cryptocurrency investment fraud and cybercrime.
The EFCC's Executive Chairman, Ola Olukoyede, confirmed on Monday, December 15, that the commission had arrested the 792 suspects in a raid on Tuesday, December 10 at the Big Leaf Building, located at 7 Oyin Jolayemi Street, Victoria Island.
Suspects trained Nigerian accomplices in scams - EFCC
“This is a significant victory in our fight against financial crimes.
“These criminals, both local and foreign, thought Nigeria would be a haven, but we’ve proved otherwise,” EFCC stated.
Speaking during a press briefing at the Lagos Zonal Directorate of the Commission, Olukoyede identified the 193 foreign nationals arrested as 148 Chinese, 40 Filipinos, two Kazakhstani nationals, one Pakistani, and one Indonesian.
Olukoyede, represented by Wilson Uwujaren, the EFCC’s Director of Public Affairs, stated that the foreign nationals ran their operations from a facility that looked like the headquarters of a financial corporation.
The suspects allegedly trained their Nigerian associates in initiating romance and investment scams and also used the identities of these accomplices to carry out their criminal activities.
He revealed that the syndicate used the building as a hub for recruiting and training young Nigerians in cyber fraud, noting that investigators found high-end desktop computers on each floor. The fifth floor alone contained 500 SIM cards connected to local telecom networks.
EFCC reveals scam tactics
“The Nigerians were trained to use fake profiles to engage victims on social media platforms like WhatsApp, Instagram, and Telegram.
“They were taught to initiate conversations that often led to investments on a fake platform, www.yooto.com, where activation fees started at $35.
“Once the victims were hooked, the foreign kingpins took over the scam, excluding their Nigerian accomplices from the transactions,” EFCC stated.
The commission explained that the investigation revealed the Nigerian accomplices did not receive formal contracts or payments through corporate accounts. Instead, they were paid in cash or through individual bank accounts.
“These foreigners exploited Nigeria’s reputation as a hub for online fraud to disguise their criminal enterprises,” Olukoyede stated.
EFCC seizes vehicles, computers, phones, laptops, in cybercrime operation
He added that the arrest revealed that not all scams linked to Nigeria are carried out by Nigerians themselves.
Among the items seized by the EFCC were desktop computers, mobile phones, laptops, and vehicles. The suspects have made statements, and their devices are now being examined forensically.
The EFCC has vowed to press on with its fight against financial crimes, working to restore Nigeria’s reputation and ensure justice for victims everywhere.
He further said that the commission is partnering with international authorities to track down links to worldwide criminal networks, highlighting that the suspects are under valid remand warrants and will soon stand trial.
“This operation sends a clear message: criminals, whether local or foreign, will find no hiding place in Nigeria,” Olukoyede added.
EFCC says it has recovered N248bn, $105m, secured 3455 convictions in 1 year
Meanwhile, TheRadar earlier reported that the EFCC recovered over N248 billion and $105 million, alongside various currencies, in its fight against corruption over the past year.
The commission secured 3,455 convictions, showcasing its commitment to holding individuals accountable for financial crimes.