The Economic and Financial Crimes Commission in Nigeria arrested 792 individuals allegedly involved in crypto investment and romance scams.
The suspects, including 148 Chinese nationals, 40 Filipinos, and others from various countries, were apprehended on December 10, 2024, during a raid on the Big Leaf Building in Victoria Island, Lagos.
EFCC Chairman Ola Olukoyede, speaking through the agency’s Director of Public Affairs, Wilson Uwujaren, revealed that the suspects used the seven-story facility to train Nigerian accomplices in fraudulent activities.
Investigators recovered over 500 SIM cards and high-end computer equipment used to target victims across North America, Europe, and other regions.
Fake profiles and romance scams
The foreign nationals reportedly trained their Nigerian recruits to create fake profiles and engage victims on platforms like WhatsApp, Instagram, and Telegram. The scheme included directing victims to a fraudulent investment platform, www.yooto.com, with initial activation fees starting at $35.
Recruits were selected based on computer proficiency and typing skills. After a two-week induction, the recruits impersonated foreign individuals to lure victims. Once the targets were engaged, the foreign operators would take over the fraud, cutting off the Nigerian participants to conceal the transactions.
Payments to Nigerian accomplices were made in cash or through personal accounts, bypassing corporate systems.
Recovered items included computers, mobile phones, and vehicles. The EFCC stated that the suspects would face charges once the investigations are concluded.
