Nigeria’s Economic and Financial Crimes Commission (EFCC) has cracked down on a massive cryptocurrency investment and romance scam syndicate, arresting 792 suspects, including 193 foreigners from China, the Philippines and other countries.
The operation, carried out on December 10, 2024, targeted a seven-storey building on Victoria Island, Lagos, which served as the syndicate’s hideout. The EFCC’s chairman, Ola Olukoyede, revealed that the suspects used the facility to train Nigerian accomplices in romance and investment scams, as well as to perpetrate their crimes using the identities of their Nigerian partners.
The suspects allegedly used high-end computers and mobile devices to create fake profiles and engage in phishing attacks, targeting victims in the US, Canada, Mexico, and several European countries. They also used WhatsApp, Instagram and Telegram to chat with their victims.
The EFCC chairman emphasized that the Nigerians involved in the scam did not know the true owners of the company they worked for, as they were not provided with formal employment contracts or paid through corporate accounts.
Mr. Olukoyede also debunked the notion that Nigerians are solely responsible for the country’s reputation for fraud, stating that foreigners are taking advantage of Nigeria’s reputation to establish their own criminal enterprises.
The EFCC has seized various items from the suspects, including desktop computers, mobile phones, laptops, and cars. The suspects will be charged to court once investigations are concluded.
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