The Economic and Financial Crimes Commission (EFCC) of Nigeria has garnered attention by successfully dismantling a significant international crypto fraud operation in Lagos.
A seven-story complex on Victoria Island, the Big Leaf Building, was the site of a surprise assault on December 10, 2024, during which 792 suspects were apprehended by authorities. This structure was purportedly a focal point for scammers who targeted victims predominantly in Europe and North America.
A Center Of Fraud
The EFCC’s operation was initiated after months of intelligence gathering and surveillance. Some 148 Chinese and 40 Filipino nationals were collared for allegedly instructing Nigerian accomplices in a variety of schemes.
The suspects employed prevalent social media platforms such as WhatsApp and Instagram to entice victims into phony romantic relationships or alluring cryptocurrency investments. Once confidence was established, the fraudsters exerted pressure on victims to send money to promote these fraudulent schemes.
The EFCC announced that 792 people were arrested in a major operation for crypto investment fraud and romance scam. Source: EFCC.
Wilson Uwujaren, the EFCC spokesperson, said international crime syndicates were the ones who hired the Nigerian agents. Communication with potential victims, who were mostly based in the United States, Canada, and a few European nations, was their main duty.
They would transfer over communication to foreign partners who would execute the scams after establishing rapport. Using this approach, the perpetrators were able to effectively exploit their victims while maintaining a disguise of legitimacy.
Piles Of Evidence
During the operation, investigators seized a lot of evidence—vehicles, cell phones, high-end computers, among other items. The EFCC found that the Big Leaf Building included a call center where fraudsters carried out their illegal activities and was ready for major operations on all floors. Especially remarkable is the discovery by investigators of more than 500 local SIM cards meant for illegal usage.
Ola Olukoyede, the head of the EFCC, said that this project busts the idea that Nigerians are only guilty of fraud in other countries. He said that foreign crooks are setting up businesses in Nigeria to hide their illegal activities because the country is known for being a safe place to report fraud. During a press conference, he said, “Criminals will not have any place to hide in Nigeria.”
Ongoing Crypto Investigations
The EFCC is collaborating with international partners to trace connections to organized crime networks as investigations continue. The suspects are presently being held under valid remand warrants and will be arraigned in court in the near future. Olukoyede underscored the significance of addressing these issues, not only for the sake of Nigeria’s image but also for global efforts to combat cybercrime.
The ongoing struggle against online fraud is underscored by this significant arrest, which emphasizes the necessity of vigilance among internet users worldwide. Awareness is essential in order to prevent future victimization, as fraudsters are constantly changing their strategies.
Featured image from DALL-E, chart from TradingView