The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects, including 193 foreign nationals, for their involvement in cryptocurrency investment fraud and romance scams.
The arrests were made on December 10, 2024, following a months-long investigation and surveillance operation at a high-rise building on Oyin Jolayemi Street in Victoria Island, Lagos.
The EFCC’s Director of Public Affairs, Wilson Uwujaren, stated that the operation targeted a syndicate of foreign fraudsters who used the building, disguised as a financial institution, to train Nigerian operatives in scamming victims globally.
Among the foreigners detained are 148 Chinese nationals, 40 Filipinos, two Kharzartans, and individuals from Pakistan and Indonesia.
Meanwhile, the suspects were found with an array of high-tech equipment, including 500 SIM cards, which were purchased for criminal use.
The operation uncovered the syndicate’s strategy of using fake profiles to lure victims, particularly in the U.S., Canada, and Europe.
According to Uwujaren, “The Nigerian accomplices are equally provided with logs that allow them access to foreign communication lines and victims, which they chat with on WhatsApp, Instagram and Telegram.”
“They are also assigned WhatsApp accounts linked to foreign telephone numbers, especially from Germany and Italy.
He explained that their jobs are to engage victims in romantic conversations and phantom business and investment discussions to trick them to shop on the purported online investment shopping platform called www.yooto.com.
For those who show interest, activation fees for an account on the platform starts from $35USD.
“Investigation revealed that the criterion for recruiting these young Nigerians is proficiency in the use of computers, especially typing skill.
Those who passed the test are given desktop computers and mobile devices and then taken through a two-week induction on how to personate foreign females in romance scam chats and convince victims to invest in their employers’ Cryptocurrency investment scam.”
He said, “Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims and proceed to block their Nigerian accomplices from the network. This would then leave them in the dark about the transaction.”
Uwujaren further explained that Nigerians do not know the owners of the ‘company’ they work for, as they neither get letters of appointments nor receive payment from a corporate account.
He said investigation revealed that they are paid either in cash or through an individual’s account.
“Further investigation is ongoing to establish the extent of the scam and the accomplices, including the likelihood of any collaboration with organised international fraud cells.
“The Commission is working closely with its foreign partners in this regard
Items recovered from the suspects include desktop computers, mobile phones, laptop computers, and cars,” he said.
Uwujaren noted that the suspects have made statements, while their systems have also been screened.
They are currently being held with a valid remand warrant and will be arraigned in court in the coming days.
“What is, however, clear from this arrest is that the notion that Nigerians are behind the tonnes of frauds emanating from our country is not correct.
“Foreigners are taking advantage of our nation’s unfortunate reputation as a haven of frauds to establish a foothold here to disguise their atrocious criminal enterprises.
“But, as this operation has shown, there will be no hiding places for criminals in Nigeria,” he added.
SaharaReporters
