The Economic and Financial Crimes Commission (EFCC) has arrested 193 foreign nationals in a busted operation against a cybercrime and cryptocurrency fraud syndicate in Lagos.
The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Monday, said the commission, in a landmark raid, arrested 792 suspects for their alleged involvement in cryptocurrency investment fraud and romance scam.
The EFCC said the 193 foreign suspects were among 792 individuals apprehended during a raid last Tuesday, at the seven-storey Big Leaf Building on No. 7 Oyin Jolayemi Street, Victoria Island.
During a press conference at the Lagos Zonal Directorate of the Commission, Olukoyede stated that the 193 foreigners were 148 Chinese, 40 Filipinos, two Kazakhstani citizens, one Pakistani, and one Indonesian.
Olukoyede, who was represented by the Director, of Public Affairs, EFCC, Wilson Uwujaren, stated that the foreign nationals used the facility, which could be mistaken for the corporate headquarters of a financial establishment, to train their Nigerian accomplices on how to initiate romance and investment scams and also used the identities of their Nigerian accomplices to perpetrate their criminal activities.
“This is a significant victory in our fight against financial crimes.
“These criminals, both local and foreign, thought Nigeria would be a haven, but we’ve proved otherwise,” said the EFCC boss.
He said the syndicate used the building as a base for recruiting and training young Nigerians in cyber fraud, adding that investigators discovered high-end desktop computers on every floor, with the fifth floor alone housing 500 SIM cards linked to local telecom networks.
“The Nigerians were trained to use fake profiles to engage victims on social media platforms like WhatsApp, Instagram, and Telegram.
“They were taught to initiate conversations that often led to investments on a fake platform, www.yooto.com, where activation fees started at $35.
“Once the victims were hooked, the foreign kingpins took over the scam, excluding their Nigerian accomplices from the transactions.”
He noted that investigations revealed that the Nigerian accomplices were neither given formal contracts nor paid through corporate accounts. Instead, payments were made in cash or via individual bank accounts.
“These foreigners exploited Nigeria’s reputation as a hub for online fraud to disguise their criminal enterprises,” Olukoyede said.
He also noted that the arrest showed that not all scams originating from Nigeria were carried out by Nigerians.
The EFCC seized numerous items, including desktop computers, mobile phones, laptops, and vehicles from the suspects, who had made statements, and their devices under forensic examination.
Also, he said the commission was working with international partners to identify connections to global crime networks, stressing that the suspects were being held under valid remand warrants and would face prosecution soon.
“This operation sends a clear message: criminals, whether local or foreign, will find no hiding place in Nigeria,” Olukoyede added.
The EFCC has vowed to continue its crackdown on financial crimes, aiming to restore Nigeria’s reputation and ensure justice for victims worldwide.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.