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EFCC Arrests 193 Foreigners, 599 Nigerians Over Romance, Investment Scam in Lagos

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The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough with the arrest of 792 suspects involved in cryptocurrency investment fraud and romance scams.

EKO HOT BLOG reports that  EFCC’s Director of Public Affairs, Wilson Uwujaren, briefed journalists at the commission’s Lagos office on Monday, revealing that the arrests occurred on Tuesday, December 10, 2024, following a surprise operation at a notorious hideout.

The location, a seven-storey building known as Big Leaf Building on No. 7 Oyin Jolayemi Street, Victoria Island, Lagos, was raided after months of surveillance and actionable intelligence.

Among the arrested suspects are 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. Uwujaren explained that these foreign nationals were operating from the facility, which masqueraded as a legitimate financial institution, where they trained their Nigerian accomplices to carry out online romance and investment scams.

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The building is equipped with high-end desktop computers, and on the 5th floor alone, investigators found 500 SIM cards purchased for criminal purposes.

The suspects were involved in phishing scams targeting mostly Americans, Canadians, Mexicans, and other Europeans. Nigerian accomplices were recruited to engage victims on social media platforms such as WhatsApp, Instagram, and Telegram, using fake profiles to initiate conversations about romance and fraudulent investments.

Once the Nigerian accomplices established rapport with the victims, they directed them to an online platform, www.yooto.com, where they were encouraged to invest. Activation fees for accounts on this platform started at $35 USD.

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According to the investigation, Nigerian recruits were selected based on their computer proficiency, particularly typing skills. After a two-week induction, they were provided with desktop computers and mobile devices to assist in carrying out the scams. Once the Nigerians gained the victims’ trust, foreign kingpins took over the fraudulent activities, cutting off the Nigerian accomplices from further involvement.

Surprisingly, the Nigerian accomplices were unaware of the identity of their employers, as they were neither formally employed nor paid through corporate accounts. Instead, they received payments in cash or via personal accounts.

EFCC officials are continuing the investigation to uncover the full extent of the scam, potential international connections, and the involvement of organized fraud cells. The Commission is collaborating with foreign partners to tackle the issue. Items recovered from the suspects include desktop computers, mobile phones, laptops, and cars.

The suspects are currently in custody with a valid remand warrant and will be arraigned in court soon. Uwujaren emphasized that the operation challenges the misconception that Nigerians are primarily responsible for global fraud networks, noting that foreign criminals are exploiting Nigeria’s tarnished reputation to run their operations.

“This operation has made it clear that there will be no safe haven for criminals in Nigeria,” Uwujaren concluded.

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