In a stunning operation, the Economic and Financial Crimes Commission (EFCC) has dismantled a massive international scam syndicate in Lagos, arresting 792 suspects from various countries, including China, the Philippines, and several Arab nations.
The suspects were caught in a surprise raid at a high-rise building on Victoria Island, where they were allegedly involved in cryptocurrency investment fraud and romance scams targeting victims worldwide.
The EFCC’s Chairman, Ola Olukoyede, and acting Zonal Director, Michael Wetkas, provided details of the operation during a media briefing on Monday.
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Olukoyede explained that credible intelligence led investigators to a seven-story building on Oyin Jolayemi Street, which appeared to be a legitimate corporate office but was actually a training ground for Nigerian accomplices in executing fraudulent schemes.
Among the arrested were 148 Chinese, 40 Filipinos, two Kazakhstanis, one Pakistani, and one Indonesian, all suspected of training local Nigerians in romance and investment scams.
The foreign masterminds would impersonate foreign women to lure victims into fake online relationships and convince them to invest in fraudulent cryptocurrency schemes, using high-tech equipment to carry out their operations.
The Nigerian accomplices, recruited for their computer skills, were trained to engage with victims primarily from the United States, Canada, Mexico, and several European countries through platforms like WhatsApp, Instagram, and Telegram. They were provided access to foreign communication lines and tasked with convincing victims to invest on a fake platform, www.yooto.com.
Olukoyede highlighted that the Nigerian recruits were often kept in the dark about the true nature of the syndicate and were not officially compensated, receiving payment in cash or through personal accounts instead. He also addressed the misconception that Nigerians are solely responsible for the global reputation of fraud emanating from the country, emphasizing that foreign criminals are exploiting Nigeria’s image to establish their operations.
During the raid, EFCC officials recovered items including desktop computers, mobile phones, laptops, and cars. Olukoyede, represented by EFCC Director of Public Affairs CE Wilson Uwujaren, stated, “Foreigners are taking advantage of our nation’s unfortunate reputation as a haven of frauds to establish a foothold here to disguise their atrocious criminal enterprises. But, as this operation has shown, there will be no hiding places for criminals in Nigeria.”
On the fifth floor alone, investigators found 500 SIM cards from local telcos, which were purchased for criminal purposes. The recruitment criterion for young Nigerians was their proficiency in computer use, particularly typing skills. Those who passed the test were given desktop computers and mobile devices, and underwent a two-week induction on impersonating foreign females in romance scam chats to convince victims to invest in their employers’ cryptocurrency scams.
The foreign masterminds would then take over the actual task of defrauding the victims, blocking the Nigerian accomplices from the network to keep them uninformed about the transactions. The Nigerian recruits were tasked with online phishing to find victims, mainly Americans, Canadians, Mexicans, and Europeans.
The arrested suspects will face charges after the investigations are concluded. The EFCC is working with its partners to establish the full extent of the scam and identify any collaboration with organized international fraud cells.
Michael Wetkas, the acting Zonal Director of the Lagos Zonal Directorate of the Commission, called for greater collaboration with the media in the fight against corruption and economic and financial crimes.
As the investigation continues, the EFCC remains committed to dismantling such networks and ensuring there are no hiding places for criminals in Nigeria.