EFCC arrests 792 suspects for crypto fraud, romance scams

The Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects involved in cryptocurrency investment fraud, romance scams, and other related cybercrimes.

The arrests followed a coordinated raid at a hideout in Victoria Island, Lagos, after months of surveillance and actionable intelligence gathering.

Addressing journalists on Monday, Wilson Uwujaren, EFCC’s Director of Public Affairs, revealed that the operation took place on Tuesday, December 10, at the Big Leaf Building, No. 7 Oyin Jolayemi Street, Victoria Island.

The building, disguised as a corporate financial establishment, served as the hub of an elaborate international cybercrime network.

Among those apprehended were 148 Chinese nationals, 40 Filipinos, one Pakistani, and one Indonesian, alongside their Nigerian collaborators. Uwujaren explained that the foreign operatives used the facility to train local accomplices on sophisticated techniques to perpetrate fraud.

“Investigations revealed that the syndicate operated a high-tech setup, with each floor of the building equipped with state-of-the-art desktop computers. On the fifth floor alone, investigators recovered 500 SIM cards from local telecom providers, all intended for criminal activities,” Uwujaren said.

The foreign nationals allegedly provided intensive training to Nigerian recruits, teaching them to initiate romance and investment scams, primarily targeting victims in North America, Europe, and Mexico.

According to the EFCC, the syndicate used phishing techniques to deceive victims into parting with money, often through elaborate fake profiles and emotional manipulation.

READ ALSO: EFCC calls on Nigerian youths to join the fight against corruption

Foreign kingpins supervised the creation of fake identities for their Nigerian accomplices, using social media and dating platforms to lure unsuspecting victims.

Nigerian operatives were provided with computers, mobile devices, and communication tools to carry out phishing attacks and financial fraud schemes.

Victims were promised fake investment opportunities, particularly involving cryptocurrency, or were manipulated through false romantic relationships into transferring large sums of money.

“Their targets included Americans, Canadians, Mexicans, and individuals from several European countries,” Uwujaren added.

The EFCC explained that the successful raid was the culmination of months of surveillance and careful monitoring of the syndicate’s activities. Law enforcement officials acted on actionable intelligence to dismantle what has been described as one of the largest organized cybercrime networks operating within Lagos.

“The facility appeared like a regular corporate office, but our investigation exposed its true purpose,” Uwujaren noted.

Cybersecurity expert Segun Adeyemi commended the EFCC’s efforts but urged further cooperation with international agencies to trace and recover stolen funds.

“The scale of this operation demonstrates how sophisticated cybercriminals have become. Collaboration with global authorities is essential to protect Nigerians and foreign victims alike.”