The Economic and Financial Crimes Commission (EFCC) has apprehended 193 foreign nationals, including 148 Chinese, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian, in connection with cryptocurrency fraud and cybercrimes.
The suspects were arrested alongside 600 others during a raid on a seven-storey building located at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
The building, known as the Big Leaf Building, was described as a hub for a syndicate involved in crypto investment fraud and romance scams.
EFCC spokesperson, Wilson Uwujaren, disclosed that the operation took place on December 10, following months of surveillance and intelligence gathering.
Foreign Syndicate Fleeing UAE Investigated
Sources revealed that the syndicate, comprising primarily Chinese nationals, relocated to Nigeria after fleeing Dubai due to investigations by Saudi authorities. They reportedly occupied the highbrow property, equipped it with advanced technology, and recruited young, tech-savvy Nigerians to perpetrate fraud.
Sophisticated Scam Operation
Uwujaren explained that the building was fitted with high-end desktop computers and other sophisticated equipment. On the fifth floor alone, investigators recovered 500 SIM cards from Nigerian telecom providers, allegedly used for fraudulent activities.
The foreign syndicate reportedly trained their Nigerian recruits to create fake profiles and engage victims—mainly from the U.S., Canada, Europe, and Mexico—in romantic and investment scams via platforms like WhatsApp, Instagram, and Telegram. Victims were lured into investing in a fraudulent cryptocurrency platform, www.yooto.com, with activation fees starting at $35.
Nigerians Exploited as Accomplices
The EFCC spokesperson revealed that the Nigerian accomplices were recruited based on their computer proficiency and typing skills. After passing tests, they underwent two weeks of training on impersonating foreign women in romance scams. Once they gained the trust of victims, the foreign syndicate would take over the fraud, cutting off the Nigerian recruits to conceal the transactions.
Surprisingly, the Nigerian recruits had no formal employment contracts and were paid in cash or through personal bank accounts, leaving them unaware of the true identities of their employers.
Items Recovered and Ongoing Investigation
Items seized during the raid include desktop computers, laptops, mobile phones, and cars. Uwujaren emphasized that the operation highlights the role of foreigners in fraud schemes often attributed to Nigerians.
“This arrest demonstrates that foreigners are exploiting Nigeria’s reputation as a fraud hub to disguise their global criminal enterprises,” Uwujaren stated.
He added that investigations are ongoing in collaboration with international partners to uncover the full extent of the scam and identify potential links to organized international fraud networks.
The arrested suspects, who are being held under valid remand warrants, are expected to face prosecution soon.