By Ayo Kehinde
The Economic and Financial Crimes Commission has apprehended 792 suspects, including 193 foreign nationals, for alleged involvement in cryptocurrency investment fraud and romance scams.
Wilson Uwujaren, the EFCC’s Director of Public Affairs, disclosed the arrests during a press briefing in Lagos, revealing that the suspects were detained on Tuesday, December 10, after a raid on their hideout in a seven-story building located at No. 7, Oyin Jolayemi Street, Victoria Island.
Uwujaren explained that the operation was based on months of intelligence gathering and surveillance of the syndicate’s activities.
Among the foreign suspects are 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian.
“The investigation revealed that the building, which could easily be mistaken for a corporate headquarters, served as a training hub for Nigerian accomplices in the syndicate. They were trained to initiate romance and investment scams while using the identities of Nigerians to shield the foreign masterminds,” Uwujaren stated.
The facility was equipped with state-of-the-art technology, including high-end desktop computers on every floor. Investigators uncovered over 500 SIM cards on the fifth floor alone, allegedly used for fraudulent purposes.
“Nigerian recruits were tasked with identifying and luring victims, primarily from the United States, Canada, Mexico, and various European countries, using phishing techniques. They created fake profiles on platforms like WhatsApp, Instagram, and Telegram to engage targets in romantic conversations or fraudulent investment schemes,” Uwujaren added.
The foreign syndicate reportedly recruited Nigerians proficient in typing and computer use. Successful candidates underwent a two-week induction, where they were trained to impersonate foreign women and engage potential victims.
“The recruits were given desktop computers and mobile devices to convince victims to shop on a fake online platform, www.yooto.com, with activation fees starting at $35. Once the victims expressed interest, the foreign masterminds would take over and proceed to defraud them, often cutting off the Nigerian intermediaries from the process,” Uwujaren explained.
Surprisingly, many Nigerian recruits were unaware of their employers’ identities, as they received no formal appointment letters or salaries from corporate accounts. Payments were made in cash or through personal bank accounts.
Recovered items include desktop computers, mobile phones, laptops, and vehicles. The suspects, currently detained under a valid remand warrant, are expected to be arraigned in court soon.
Uwujaren noted that the EFCC is collaborating with international partners to uncover the full extent of the syndicate’s operations and its possible links to organized global fraud networks.
He stated that the operation disproves the stereotype that Nigerians are the sole perpetrators of cyber fraud.
“This arrest shows that foreign nationals are exploiting Nigeria’s reputation as a haven for fraud to establish and operate criminal enterprises here. However, as this operation demonstrates, there will be no hiding place for criminals in Nigeria,” he declared.
