In a groundbreaking operation, the Economic and Financial Crimes Commission (EFCC) has dismantled an international cybercrime and cryptocurrency investment fraud syndicate, arresting 792 suspects, including 193 foreign nationals, at a seven-storey building on Oyin Jolayemi Street, Victoria Island, Lagos.
The EFCC announced in a press release that the operation, which followed months of surveillance and actionable intelligence and was carried out on Tuesday, the 10th of December, exposed the syndicate’s sophisticated network of romance scams and fraudulent cryptocurrency investments targeting victims in the United States, Canada, Mexico, and Europe.
The suspects include 148 Chinese nationals, 40 Filipinos, and individuals from Pakistan, Indonesia, and Kharzartan, alongside their Nigerian accomplices.
According to the EFCC, the foreign cartel used the facility, which appeared to be a legitimate corporate office, to train their Nigerian recruits. These recruits were taught how to personate foreign females, engage in romantic conversations, and lure victims into investing in fake cryptocurrency schemes via a purported online platform, www.yooto.com. Activation fees for accounts on the platform started at $35 USD.
The operation uncovered high-end desktop computers on all floors of the building, over 500 SIM cards linked to Nigerian telecommunications networks on the 5th floor, mobile devices, laptops, and cars, which were recovered during the raid.
The Nigerian accomplices were recruited based on proficiency in computer skills, particularly typing, and underwent a two-week training programme on how to operate the scams. Their tasks included initiating contact with victims on platforms like WhatsApp, Instagram, and Telegram, before handing over the defrauding process to their foreign handlers.
Investigations revealed that Nigerian recruits received payments in cash or through personal accounts, and many were unaware of the full extent of the operations or the identities of their employers.
The EFCC noted that this case challenges the global perception of Nigerians as the primary perpetrators of cyber fraud. “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,” the EFCC stated.
The suspects, currently held with valid remand warrants, will face arraignment in court in the coming days. The EFCC, in collaboration with foreign partners, continues investigations to uncover the full extent of the syndicate’s activities and its links to international fraud networks.
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