The Economic and Financial Crimes Commission (EFCC) has dismantled a criminal network of 792 individuals allegedly involved in cryptocurrency fraud and romance scams.
The arrests were made during a surprise raid on December 10, 2024, at a seven-story building known as Big Leaf Building, located on Oyin Jolayemi Street, Victoria Island, Lagos.
During a media briefing on December 16, 2024, EFCC Chairman Ola Olukoyede, represented by Director of Public Affairs CE Wilson Uwujaren, revealed that the operation led to the apprehension of 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian, alongside their Nigerian collaborators.
The building, disguised as a corporate headquarters, was reportedly used as a training hub where foreign masterminds coached Nigerians on how to execute fraudulent activities.
Investigators uncovered high-end computer setups across the floors, including 500 SIM cards on one level alone, intended for illegal operations.
According to Olukoyede, the Nigerian recruits were tasked with luring victims, predominantly from the United States, Canada, Mexico, and Europe, through fake profiles on platforms like WhatsApp, Instagram, and Telegram.
They engaged in deceptive romantic and business discussions to funnel victims into investing on a fraudulent online platform, yooto.com.
The scheme’s activation fees started at $35, and successful recruits—selected based on their computer proficiency—were trained for two weeks in impersonation tactics.
Once a victim was convinced, the foreign conspirators would take over the operation, often cutting off the Nigerian intermediaries to conceal the full scope of the scam.
Olukoyede highlighted the foreign nationals’ exploitation of Nigeria’s reputation for fraud, using it as a cover for their operations.
He assured the public that the EFCC, in collaboration with international partners, is determined to dismantle such networks and hold the perpetrators accountable.
At the raid site, investigators seized desktop computers, mobile phones, laptops, and vehicles. The arrested individuals will face charges following the conclusion of investigations.
Acting Zonal Director Michael Wetkas emphasized the importance of media collaboration in combating economic crimes and reaffirmed the EFCC’s commitment to ensuring justice.
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