EFCC Arrests 193 Foreigners and 599 Nigerians in Cryptocurrency Fraud and Romance Scam

• The EFCC arrested 193 foreigners and 599 Nigerians involved in cryptocurrency investment fraud and romance scams.
• The arrests took place on December 10, 2024, during a sting operation at a building in Lagos, where suspects were trained to initiate scams targeting international victims.
• Items recovered from the suspects include computers, mobile devices, and cars.

The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 193 foreign nationals and 599 Nigerians in connection with a large-scale cryptocurrency investment fraud and romance scam. The operation, carried out on December 10, 2024, targeted a syndicate operating out of a seven-storey building in Victoria Island, Lagos, known as the Big Leaf Building. The suspects were apprehended following months of surveillance and intelligence gathering.

Among those arrested, 148 were Chinese, 40 Filipinos, and other nationals from countries including Pakistan, Indonesia, and Kharzatan. Investigations revealed that the foreigners used the building as a training ground for their Nigerian accomplices, teaching them to engage in romance and investment scams targeting victims, primarily from the United States, Canada, Mexico, and Europe.

The operation discovered advanced technology, including high-end computers and 500 SIM cards used for criminal activities. Nigerian recruits were trained to create fake profiles and communicate with victims through platforms like WhatsApp, Instagram, and Telegram, tricking them into making investments in a fraudulent platform, www.yooto.com. Victims were lured with promises of high returns, with activation fees starting at $35 USD.

The investigation further revealed that the Nigerian accomplices, who were recruited based on their proficiency in computers, were paid in cash or through personal accounts rather than corporate channels. The EFCC is continuing its investigation into the full scope of the scam and its international connections, working closely with foreign partners. Items recovered from the suspects included computers, phones, and cars.