Kehinde Fajobi
The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects involved in cryptocurrency investment fraud and romance scams.
Wilson Uwujaren, EFCC’s Director of Public Affairs, disclosed this during a briefing on Monday in Lagos.
He revealed that the suspects were apprehended on December 10, 2024, during a surprise operation at a seven-storey building on Oyin Jolayemi Street, Victoria Island.
Uwujaren said, “The breakthrough followed actionable intelligence and months of surveillance and monitoring the activities of the syndicate.
Among the foreigners arrested are 148 Chinese, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian.”
According to Uwujaren, the suspects used the building, which appeared to be a corporate headquarters, to train Nigerian recruits in executing scams.
The facility housed high-end desktop computers, with investigators recovering 500 SIM cards on the fifth floor alone, allegedly used for fraudulent purposes.
He explained, “Their Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and Europeans.
They created fake profiles and used foreign communication lines to deceive victims via WhatsApp, Instagram, and Telegram.”
Uwujaren added that the scams often involved a fake online investment platform, www.yooto.com, where activation fees started at $35. Nigerian recruits, chosen for their computer proficiency, underwent training to impersonate foreign females and lure victims.
Once trust was established, foreign masterminds took over to defraud the victims.
“The Nigerians do not know the owners of the ‘company’ they work for. They receive payments in cash or through individual accounts, not corporate accounts,” Uwujaren noted.
Items recovered during the operation included desktop computers, laptops, mobile phones, and cars.
He assured that investigations are ongoing to uncover accomplices and potential links to international fraud cells, with EFCC collaborating with foreign partners.
Uwujaren emphasised, “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 disguise their atrocious criminal enterprises. But, as this operation has shown, there will be no hiding places for criminals in Nigeria.”
The suspects remain in custody under a valid remand warrant and will face prosecution soon.