Nigeria’s EFCC Arrests 792 Individuals in Crypto Investment and Romance Scam Raid

The Economic and Financial Crimes Commission (EFCC) in Nigeria has made a significant crackdown on crypto investment and romance scams, arresting 792 individuals allegedly involved in the schemes. The raid, which took place on December 10, 2024, at the Big Leaf Building in Victoria Island, Lagos, resulted in the apprehension of suspects from various countries, including 148 Chinese nationals and 40 Filipinos.

EFCC Uncovers Large-Scale Scam Operation

According to EFCC Chairman Ola Olukoyede, the suspects used the seven-story facility to train Nigerian accomplices in fraudulent activities. The agency’s Director of Public Affairs, Wilson Uwujaren, revealed that investigators recovered over 500 SIM cards and high-end computer equipment used to target victims across North America, Europe, and other regions.

Tactics Used by Scammers

The foreign nationals reportedly trained their Nigerian recruits to create fake profiles and engage victims on platforms like WhatsApp, Instagram, and Telegram. The scheme included directing victims to a fraudulent investment platform, with initial activation fees starting at $35. Recruits were selected based on computer proficiency and typing skills.

After a two-week induction, the recruits impersonated foreign individuals to lure victims. Once the targets were engaged, the foreign operators would take over the fraud, cutting off the Nigerian participants to conceal the transactions. Payments to Nigerian accomplices were made in cash or through personal accounts, bypassing corporate systems.

Recovered Items and Charges

Recovered items included computers, mobile phones, and vehicles. The EFCC stated that the suspects would face charges once the investigations are concluded.

As cryptocurrency scams continue to rise, it’s essential for investors to remain vigilant and cautious when engaging with online investment platforms.

Here are some tips to avoid falling victim to crypto investment and romance scams:

  • Be cautious of unsolicited investment offers or messages from unknown individuals.
  • Verify the authenticity of investment platforms and research their reputation online.
  • Avoid making payments to unknown individuals or companies.
  • Report suspicious activities to the relevant authorities.

Stay up-to-date with the latest news and developments in the cryptocurrency space by following Global Crypto News.

Post Views: 0