EFCC Arrests 792 Suspects for Cryptocurrency Fraud and Romance Scams

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

Wilson Uwujaren, the EFCC’s Director of Public Affairs, disclosed this during a press briefing in Lagos on Monday.

He revealed that the suspects were apprehended last Tuesday during a surprise raid at their hideout in the Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.

Uwujaren stated that the operation was based on actionable intelligence and followed months of surveillance and monitoring of the syndicate’s activities.

Among those arrested were 148 Chinese nationals, 40 Filipinos, one Pakistani, and one Indonesian.

“The investigation revealed that the foreign nationals used the facility at 7 Oyin Jolayemi Street, which appeared to be a corporate headquarters, to train their Nigerian accomplices on initiating romance and investment scams. They also exploited the identities of Nigerians to carry out these criminal activities,” Uwujaren said.

He added that the building was equipped with high-end desktop computers, with 500 SIM cards from local telecom providers recovered on the 5th floor alone. These SIM cards were reportedly purchased for criminal purposes.

The Nigerian accomplices were recruited by foreign kingpins to target victims online through phishing schemes, focusing on individuals in the U.S., Canada, Mexico, and various European countries.

“They equipped them with desktop computers, mobile devices, and fake profiles to carry out their fraudulent operations,” Uwujaren added.