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Nigerian Economic and Financial Crimes Commission (EFCC) arrested 792 suspects linked to an international cryptocurrency and romance scam.
According to Africa News, the raid conducted on 10 December 2024, targeted a seven-story building in Lagos, the country’s commercial hub.
Dubbed the “Big Leaf Building,” this luxury facility allegedly served as a call center for orchestrating sophisticated online fraud schemes that exploited victims across Europe and the Americas.
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Scam Involved Both Local And Foreign Actors
The suspects, including 148 Chinese and 40 Filipino nationals, are detained on December 10 at the Big Leaf Building in Lagos, Nigeria’s commercial capital https://t.co/tpZStAKDER
— Rappler (@rapplerdotcom) December 17, 2024
The EFCC’s raid uncovered an elaborate setup involving both local and foreign actors.
Among the arrested individuals were 148 Chinese nationals and 40 Filipinos, highlighting the global scope of the operation.
According to EFCC spokesperson Wilson Uwujaren, the suspects used social media platforms such as WhatsApp and Instagram to lure victims into fake investment opportunities or romance scams, with cryptocurrency being a primary tool of deception.
“Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans and several others from European countries,” Uwujaren said.
“Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims,” he added.
The fraudsters reportedly built trust with their victims before pressuring them to transfer funds into fraudulent schemes.
Nigerian operatives initiated contact with victims, while their foreign collaborators managed the financial transactions.
The EFCC seized computers, phones, and vehicles during the raid and is now collaborating with international partners to investigate potential links to organized crime.
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Nigeria Is Among Countries With High Rates Of Crypto Adoption Globally
With platforms like Binance and Paxful facilitating peer-to-peer (P2P) transactions, Nigeria has a high rate of crypto adoption.
However, this widespread adoption has also made the country a hotspot for crypto-related crimes.
In recent years, the EFCC has intensified its crackdown on such activities, freezing bank accounts linked to suspicious transactions and prosecuting thousands of cybercriminals.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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