The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the Commission arrested 792 suspects in a groundbreaking operation targeting cryptocurrency investment fraud and romance scams.
The suspects were apprehended on Tuesday, December 10, 2024, during a surprise raid on a seven-storey building, known as Big Leaf Building, located at No. 7, Oyin Jolayemi Street, Victoria Island, Lagos. The operation followed actionable intelligence received by the EFCC.
Speaking at a media briefing on Monday, December 16, 2024, at the Lagos Zonal Directorate, Olukoyede disclosed that the arrested individuals included 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. The EFCC Chairman, represented by the Director of Public Affairs, Commander CE Wilson Uwujaren, stated that the suspects used the building—which could easily be mistaken for a corporate financial institution—to train their Nigerian accomplices in romance and investment scams. They also used the identities of these Nigerian accomplices to carry out their fraudulent schemes.
“All floors of the building were equipped with high-end desktop computers. On the fifth floor alone, investigators recovered 500 SIM cards from local telecom providers, allegedly purchased for criminal purposes,” Olukoyede said.
He explained that the Nigerian accomplices were recruited by foreign masterminds to target victims online through phishing schemes, primarily aimed at Americans, Canadians, Mexicans, and Europeans. The recruits were equipped with computers, mobile devices, and fake profiles to engage victims. Additionally, they were given access to foreign communication tools and logs to impersonate individuals on platforms like WhatsApp, Instagram, and Telegram.
Describing the syndicate’s operations, Olukoyede said that Nigerian recruits were assigned WhatsApp accounts linked to foreign phone numbers, especially from Germany and Italy. These accounts were used to conduct romantic conversations and fraudulent business discussions, directing victims to a fake online investment platform, www.yooto.com. Activation fees on the platform started at $35 USD.
He further disclosed that recruits underwent a two-week induction program on how to impersonate foreign females in romance scams and lure victims into investing in the cryptocurrency schemes. Once a victim was convinced, the foreign operators would take over, defraud the victim, and sever ties with the Nigerian accomplices, leaving them unaware of the full scope of the transactions.
Olukoyede noted that the Nigerian accomplices had no formal employment agreements with the organization, as they neither received appointment letters nor payments through corporate accounts. Instead, they were paid in cash or via personal accounts.
The EFCC Chairman emphasized that the Commission is collaborating with international partners to assess the extent of the fraud and its connections to global criminal networks. He also dismissed the misconception that Nigerians are solely responsible for the country’s fraud-related reputation.
“Foreign nationals are exploiting Nigeria’s unfortunate reputation as a haven for fraud to establish their criminal enterprises. However, as this operation demonstrates, there will be no hiding place for criminals in Nigeria,” Olukoyede stated.
Additionally, the acting Zonal Director of the Lagos Zonal Directorate, Michael Wetkas, called for increased media collaboration in combating corruption and financial crimes.
Items recovered during the operation included desktop computers, mobile phones, laptops, and vehicles. The suspects will face prosecution upon the conclusion of investigations.
