Nigeria's Economic and Financial Crimes Commission arrests nearly 800 individuals in a major crackdown on a cryptocurrency romance scam operation targeting victims worldwide.
In a significant crackdown on cryptocurrency fraud, Nigerian authorities have arrested nearly 800 individuals linked to a large-scale romance scam operation. The arrests were made during a raid on December 10 at a building in Lagos, where suspects were allegedly training to defraud victims worldwide through fake romantic relationships and investment schemes.
The Economic and Financial Crimes Commission (EFCC) of Nigeria announced the arrests, revealing that the suspects were involved in a sophisticated scheme that exploited the vulnerabilities of potential victims. The building, referred to as the Big Leaf Building, was equipped with high-end computers and communication devices, facilitating the fraudulent activities.
Ola Olukoyede, the EFCC Executive Chairman, stated that the suspects were trained to engage victims through phishing techniques, creating fake profiles on social media platforms. They would initiate romantic conversations and eventually lure victims into investing in non-existent cryptocurrency opportunities.
Among those arrested, 148 were Chinese nationals, 40 were from the Philippines, and others included individuals from Kazakhstan, Pakistan, and Indonesia. These foreign nationals were reportedly responsible for training Nigerian accomplices in the art of deception, providing them with the necessary tools and knowledge to execute the scams.
The EFCC highlighted that the Nigerian accomplices were often unaware of the full extent of the operation, as they were not provided with formal employment contracts or payments through corporate accounts. Instead, they received cash payments or transfers to personal accounts, further obscuring the operation's true nature.
The scammers primarily targeted individuals in North America and Europe, using various online platforms to establish connections. Once a rapport was built, they would introduce investment opportunities that promised high returns, often requiring initial fees to activate accounts on fraudulent investment platforms.
The EFCC's investigation revealed that the scammers had developed a systematic approach to their operations, with many victims falling prey to their manipulative tactics. The agency is now working to uncover the full extent of the scam and any potential links to international fraud networks.
This operation marks a significant step in Nigeria's ongoing efforts to combat cryptocurrency-related fraud. The EFCC has vowed to continue its crackdown on such activities, emphasizing that there will be no safe haven for criminals exploiting the country's reputation. As investigations proceed, authorities aim to dismantle the networks behind these scams and protect potential victims from future fraud.
