Core

United

In a high-profile crackdown on cybercrime, Nigeria’s Economic and Financial Crimes Commission (EFCC) <a href="https://punchng.com/photos-efcc-nabs-792-suspected-crypto-fraudsters-in-lagos/#google_vignette" rel="noopener noreferrer nofollow">arrested</a> 792 individuals suspected of involvement in a large-scale cryptocurrency romance scam operation.&nbsp;
The raid took place on December 10 in Lagos, the country’s commercial capital, at a building believed to be a hub for a widespread scam syndicate, accoriding to local news publication, Punch.
<h2 dir="ltr" id="span-span-strong-a-global-syndicate-uncovered-strong-span-span">A Global Syndicate Uncovered</h2>
The arrested individuals include a mix of local and foreign nationals. Among them are 148 Chinese nationals, 40 Filipinos, as well as two Kazakhs, one Pakistani, and one Indonesian.&nbsp;
The operation is the largest of its kind in Nigeria’s history, according to EFCC spokesperson Wilson Uwujaren, who highlighted that the suspects were part of a global network orchestrating crypto scams and online romance frauds.
The foreigners were using the building as a training facility, instructing Nigerians on how to carry out these scams. Uwujaren noted that the fraudsters utilized fake online profiles to lure victims into romantic and investment schemes.
<h2 id="span-span-strong-romance-and-crypto-scams-at-the-core-strong-span-span">Romance and Crypto Scams at the Core</h2>
The scams, known as&nbsp;pig butchering, involve scammers creating fake romantic relationships with victims on social media platforms. Once trust was established, the scammers—mostly from foreign countries—would pressure victims into investing in bogus cryptocurrency schemes.
The suspects reportedly targeted primarily Western victims from the United States, Canada, Mexico, and Europe, with the aim of convincing them to invest large sums of money into a fraudulent online platform. The platform, called&nbsp;yooto(.)com, charged victims an initial activation fee of $35 to create an account, followed by further payments.
Scammers used fake profiles, posing as individuals looking for love or lucrative investment opportunities. Communication took place on messaging platforms like WhatsApp, Instagram, and Telegram, with accounts linked to foreign numbers, often from Germany and Italy.
<h2 id="span-span-strong-the-role-of-foreign-nationals-strong-span-span">The Role of Foreign Nationals</h2>
According to Uwujaren, the foreign nationals involved were responsible for training and guiding the local Nigerian accomplices on how to carry out the scams. These accomplices would prospect for victims online through phishing tactics and other forms of manipulation.
Ken Gamble, co-founder of the cybercrime investigation firm IFW Global, has stated that Chinese crime syndicates are expanding their operations in regions with weaker cybersecurity enforcement. These groups have set up similar operations in Southeast Asia, and now they are spreading into Africa and Eastern Europe, targeting less-regulated markets for their scams.
In some cases, Chinese ringleaders employ as many as 1,000 people in a scam, and in some places, like Myanmar, it can go up to 5,000, according to Gamble.
<blockquote>
 ”The Chinese bring the technology, infrastructure and financing, which allows the local Nigerian scam syndicates to enhance their operations,” Gamble told CoinTelegraph.&nbsp;
</blockquote>
Per reports, these scammers often earn more than the average income in their countries, with Nigerians reportedly receiving up to $500 monthly for their involvement—ten times the country’s minimum wage.
<h2 id="span-span-strong-a-well-equipped-fraud-operation-strong-span-span">A Well-Equipped Fraud Operation</h2>
The building where the arrests took place, located on Victoria Island, was fully equipped to run these scams. Investigators found seven floors filled with computers, mobile devices, and more than 500 SIM cards from Nigerian telecom operators.
The technology and resources at their disposal enabled the scammers to contact victims worldwide. Foreign nationals in the scheme provided the Nigerian operatives with accounts and access to international communication lines, further advancing the reach of the operation.
The suspects are currently in custody under a remand warrant. According to Uwujaren, the EFCC is working with international partners to investigate the links between these operations and organized crime groups.

Nigeria’s Anti-Corruption Agency Busts Massive Crypto Romance Scam, Arrests 792 in Lagos

Table of Contents

BSCN

Other articles published on Dec 20, 2024

WRX Plummets 56% After Binance Delisting

Trump-Backed Crypto Project Spends $45M on Crypto Investments: Report

Altcoin Market In Shambles Amid FOMC’s Rate Cuts

Weekly Article Recap: 12/09-12/13

Bitcoin Price Rises, but Wallet Activity Hits a Low Point

GalaChain Pioneers BFT on Hyperledger, Paving the Way for Next-Level Decentralization

Join our free newsletter for daily crypto updates!