Massive Crypto Scam Busted in Nigeria With Nearly 800 Multinationals Arrested
In a significant crackdown on cybercrime, Nigeria’s Economic and Financial Crimes Commission arrested 792 individuals during a raid on the seven-story Big Leaf Building in Lagos. This operation targeted a sophisticated romance and cryptocurrency scam syndicate preying on victims across North America and Europe.
The EFCC’s operation, described as its most extensive to date, led to the detention of suspects comprising 148 Chinese and 40 Filipino nationals, alongside numerous Nigerians. The Big Leaf Building, situated on Victoria Island, functioned as a large-scale call center where operatives worked in shifts to ensnare victims through social media and messaging platforms such as WhatsApp and Instagram. Once initial contact was established, victims were enticed into fraudulent romantic relationships or lured with promises of lucrative cryptocurrency investments. Subsequently, they were coerced into transferring funds into non-existent schemes.
“Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries,” EFCC spokesperson Wilson Uwujaren explained. “Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims.”
During the raid, authorities confiscated computers, mobile phones, vehicles, and numerous SIM cards. The EFCC is collaborating with international partners to investigate potential links to organized crime networks. Uwujaren emphasized that the arrests underscore President Bola Tinubu’s commitment to eradicating corruption and criminal enterprises within Nigeria.
The syndicate primarily targeted individuals in the United States, Canada, Mexico, and various European nations. Victims were approached through social media platforms, where scammers, often posing as romantic interests or investment advisors, manipulated them into transferring substantial sums of money. The financial and emotional toll on victims has been profound, with some losing their entire life savings. For instance, a British pensioner reportedly lost significant savings to a fraudster posing as an American entertainer.
This operation is part of a broader effort by Nigerian authorities to combat cybercrime, commonly referred to locally as “Yahoo Yahoo.” In recent years, Nigeria has faced challenges with internet fraud, often perpetrated by tech-savvy youth exploiting the country’s growing internet penetration. The EFCC’s recent actions, including the arrest of nearly 800 individuals, highlight the agency’s determination to address these challenges and restore Nigeria’s international reputation.
The arrested individuals are expected to face charges related to fraud, identity theft, and money laundering. The EFCC has indicated that investigations are ongoing, and further details are expected to emerge as the legal process unfolds.
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