The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough in its fight against cybercrime and cryptocurrency fraud, apprehending 193 foreign nationals as part of a larger operation in Lagos. The operation uncovered a sophisticated syndicate involved in romance scams and cryptocurrency investment fraud.
Major Operation in Lagos
The EFCC, in a landmark raid conducted last Tuesday, arrested a total of 792 suspects at the seven-storey Big Leaf Building on No. 7 Oyin Jolayemi Street, Victoria Island. Among those apprehended, 193 were foreign nationals, including 148 Chinese, 40 Filipinos, two Kazakhstani citizens, one Pakistani, and one Indonesian.
EFCC Executive Chairman Ola Olukoyede, represented by Director of Public Affairs Wilson Uwujaren, disclosed the details during a press conference held at the Lagos Zonal Directorate of the Commission on Monday. Olukoyede described the operation as a significant victory in Nigeria’s ongoing battle against financial crimes.
Details of the Arrest
Olukoyede revealed that the arrested foreign nationals used the facility, designed to resemble a corporate headquarters, as a base for recruiting and training Nigerian accomplices. The accomplices were coached in techniques for initiating romance scams and investment fraud on social media platforms such as WhatsApp, Instagram, and Telegram.
How the Scam Operated
The syndicate used fake profiles to engage victims online, eventually luring them into fraudulent investments on a fake platform, www.yooto.com. Activation fees for the platform started at $35. Once victims were engaged, the foreign masterminds assumed control of the scams, excluding their Nigerian accomplices from direct financial transactions. Investigators discovered that payments to the Nigerian accomplices were made informally, either in cash or through personal bank accounts.
Key Evidence Seized
The EFCC’s investigation uncovered a trove of evidence:
- High-end desktop computers on every floor of the building.
- The fifth floor alone contained 500 SIM cards linked to local telecom networks.
- Numerous mobile phones, laptops, and vehicles.
Olukoyede emphasized that the building’s operations demonstrated how foreign criminals exploited Nigeria’s reputation as a hub for online fraud to disguise their activities.
Significance of the Operation
“This is a significant victory in our fight against financial crimes. These criminals, both local and foreign, thought Nigeria would be a haven, but we’ve proved otherwise,” said Olukoyede.
The EFCC’s actions also highlight the global nature of online fraud. “Not all scams originating from Nigeria are carried out by Nigerians,” Olukoyede noted, challenging stereotypes while underscoring the transnational nature of such crimes.
Ongoing Investigations and Prosecutions
The EFCC is collaborating with international partners to trace links to global crime networks. Forensic examination of the seized devices is underway, and the suspects are being held under valid remand warrants. Prosecutions are expected to commence shortly.
Olukoyede reiterated the Commission’s commitment to ensuring justice for victims worldwide and restoring Nigeria’s reputation. “This operation sends a clear message: criminals, whether local or foreign, will find no hiding place in Nigeria,” he said.
Conclusion
The EFCC’s crackdown on this syndicate is a major step toward curbing cybercrime and financial fraud in Nigeria. By dismantling such operations, the Commission aims to rebuild trust in Nigeria’s financial ecosystem and uphold the country’s integrity on the global stage.
