Nigerian Authorities Arrest Foreign Nationals in Crypto Fraud Operation

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As a seasoned investigative journalist with extensive experience covering financial crimes and cybersecurity issues, I find this operation by the EFCC to be a significant stride in the right direction. The scale of this international crypto fraud network dismantled in Lagos is unprecedented, and it’s heartening to see such a collaborative effort between law enforcement agencies worldwide.

In a significant operation, the Economic and Financial Crimes Commission (EFCC) apprehended 792 people, among them foreign nationals, due to their alleged participation in cryptocurrency-based romance scams. This marks a substantial effort to curtail crypto-related fraud.

792 individuals linked to cryptocurrency romance scams were apprehended by Nigeria’s Economic and Financial Crimes Commission (EFCC) on December 10, 2024. This bust took place at the Big Leaf Building in Victoria Island, Lagos. The group of suspects included 148 Chinese nationals, 40 Filipinos, and other foreigners as well.

This operation transpired utilizing information given to the EFCC, leading to charges against suspects for cryptocurrency fraud and romance scams. Notably, the Big Leaf Building, resembling a large corporation’s office, was allegedly used for training some Nigerian assistants. The establishment is said to have been managed by foreigners who assumed the identities of Nigerians during their transactions.

In a recent statement, EFCC spokesperson, Commander CEWilson Uwujaren, revealed that computers were discovered on every floor, including high-end ones. Additionally, the police found fifty SIM cards that had been acquired for illegal activities. The foreign suspects allegedly enlisted Nigerians to assist them in phishing scams targeting victims from various countries, such as the U.S., Canada, and Mexico.

EFCC Dismantles International Crypto Fraud Network in Lagos

As an analyst, I’ve uncovered that in this particular scheme, I was tasked with creating bogus identities on various social media platforms such as WhatsApp, Instagram, Telegram, and others. My role was to engage potential victims through these channels. The objective was to entice them into investing in a fictitious program accessible at www.yooto.com. It’s important to note that this initial investment required a payment of $35 USD as an activation fee.

The EFCC stated that the recruits from Nigeria were chosen due to their proficiency in computers. To carry out the scam, they were given desktop computers and phones. After a two-week training period, they were taught to impersonate international women in a romance fraud scheme. Once the victims had been deceived, other foreign figures would step in and prevent the Nigerian conspirators from further involvement.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Olukoyede, expressed that it’s crucial for Nigerian recruits to know who truly operates the sham company they were hired by. These recruits did not sign legal contracts or get paid through company checks. Instead, their salaries were handed over in cash or transferred to their personal bank accounts.

At present, the Economic and Financial Crimes Commission (EFCC) is teaming up with similar agencies abroad to assess the extent of the fraud. They’re also working on forging links with international criminal networks. Furthermore, Olukoyede pointed out that these crimes are being orchestrated by foreigners who exploit the Nigerian identity.

In conclusion, the operation resulted in the seizure of computers, cellphones, and vehicles. The individuals involved are to face charges after the police complete their investigation. Overall, this action signifies a substantial advancement in combating cryptocurrency scams within Nigeria.

 

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2024-12-20 01:03