The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects involved in cryptocurrency investment fraud and romance scams.

Wilson Uwujaren, EFCC’s Director of Public Affairs, briefed journalists in Lagos on Monday, revealing that the arrests were made on Tuesday, December 10, 2024, during a surprise operation at a seven-storey building known as Big Leaf Building, located at No.7, Oyin Jolayemi Street, Victoria Island, Lagos.

Uwujaren stated, “The breakthrough was a result of actionable intelligence and months of surveillance and monitoring of the syndicate’s activities. Among those arrested were 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian.”

He explained that the foreign suspects used the building, which appeared to be a corporate office, to train Nigerian accomplices in executing romance and investment scams. They also used the identities of Nigerians to carry out their illegal activities.

The building was fully equipped with high-end desktop computers, and on the 5th floor, investigators discovered 500 SIM cards purchased for criminal purposes.

The foreign nationals recruited Nigerians to target victims online, primarily in the United States, Canada, Mexico, and several European countries. These recruits were trained to create fake profiles and engage victims in online conversations through WhatsApp, Instagram, and Telegram, aiming to deceive them into investing in a fake cryptocurrency platform, www.yooto.com. Activation fees for accounts on this platform started at $35 USD.

Nigerians were selected for recruitment based on their proficiency with computers, particularly typing skills. They were provided with desktop computers, mobile devices, and trained for two weeks on how to impersonate foreign women in romance scams and persuade victims to invest in cryptocurrency scams.

Once trust was established with the victims, the foreign operators took over the fraud and blocked their Nigerian accomplices, leaving them unaware of the ongoing transactions.

The investigation revealed that the Nigerian recruits did not know the true identity of their employers. They were not formally employed but received cash payments or funds through personal accounts.

Further investigations are underway to determine the full extent of the scam, the involvement of additional accomplices, and any potential links to international fraud networks. The EFCC is working closely with foreign partners to continue the investigation.

Items recovered from the suspects include desktop computers, mobile phones, laptops, and cars. The suspects have made statements, and their devices have been screened. They are currently being held with valid remand warrants and will be arraigned in court soon.

The EFCC emphasized that while there is a misconception that fraud in Nigeria is solely perpetrated by Nigerians, this operation highlights that foreigners are exploiting the country’s reputation to conduct criminal activities. The Commission assures that there will be no safe havens for criminals in Nigeria.