The Economic and Financial Crimes Commission has announced the arrest of 792 suspects linked to a large-scale cryptocurrency investment fraud and romance scam.
The suspects were apprehended during a surprise raid on December 10, 2024, at a seven-storey building known as Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.
EFCC Director of Public Affairs, Wilson Uwujaren, disclosed the details during a media briefing on Monday in Lagos. “The breakthrough followed actionable intelligence and months of surveillance and monitoring the activities of the syndicate,” Uwujaren stated.
Among those arrested were 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. Investigators revealed that the foreign suspects had been using the building to train Nigerian recruits in sophisticated scams targeting victims overseas.
“The foreign nationals operate what appears to be a corporate headquarters but is actually a hub for grooming Nigerians on how to perpetrate romance and investment scams,” Uwujaren explained. “On the fifth floor alone, we recovered 500 SIM cards linked to local telecommunication networks, purchased for fraudulent purposes.”
The EFCC said the suspects used desktop computers, mobile devices, and fake profiles to lure victims primarily from the United States, Canada, Mexico, and Europe.
The Nigerians, trained by the foreign syndicate, were provided with foreign communication lines and fake identities for platforms such as WhatsApp, Instagram, and Telegram.
“These Nigerians were tasked with engaging victims in romantic conversations or pitching fraudulent business opportunities on a fake investment platform, www.yooto.com,” Uwujaren revealed. He further added that activation fees for accounts on the platform started at $35.
To qualify for recruitment, prospective Nigerian accomplices were assessed based on their computer literacy and typing skills. Successful candidates underwent a two-week induction to learn how to impersonate foreigners and manipulate victims into investing in the cryptocurrency scam.
“Once a Nigerian accomplice secured a victim’s trust, the foreign operators would take over, complete the scam, and sever ties with their Nigerian intermediaries,” Uwujaren explained. He noted that the Nigerians were paid either in cash or via personal bank accounts, without any formal employment contracts.
The EFCC confiscated numerous items during the operation, including desktop computers, mobile phones, laptops, and cars. Uwujaren also emphasized that this case highlights how foreign criminals exploit Nigeria’s reputation as a hub for fraud to operate their enterprises.
“This operation proves that not all scams linked to Nigeria are initiated by Nigerians. Foreign criminals are taking advantage of our nation’s unfortunate reputation to establish criminal networks,” he said.
The EFCC confirmed that the suspects are currently detained with valid remand warrants and will be charged in court soon. The commission is working closely with international partners to uncover the full scope of the syndicate’s operations and potential links to global fraud networks.
“There will be no hiding places for criminals in Nigeria,” Uwujaren concluded. “This operation sends a clear message that such activities will not be tolerated within our borders.”
