Nigeria arrests 792 people involved in crypto romance scams

The Nigerian Economic and Financial Crimes Commission has arrested 792 people allegedly involved in crypto investment and romance scams.

The suspects, including 148 Chinese citizens, 40 Filipinos and other countries from various countries, were captured during a raid on the Big Leaf Building in Victoria Island, Lagos, on December 10, 2024.

Speaking through the agency’s Director of Public Relations, Wilson Uwujaren, EFCC Chairman, Ola Olukoyede, disclosed that the suspects used the seven-storey facility to train their Nigerian accomplices on fraudulent activities.

Investigators seized more than 500 SIM cards and high-tech computer equipment used to target victims in North America, Europe and other regions.

Fake profiles and romance scams

Foreign nationals reportedly trained Nigerian soldiers to create fake profiles and interact with victims on platforms such as WhatsApp, Instagram and Telegram. The scheme involved directing victims to www.yooto.com, a fake investment platform with initial activation fees starting at $35.

People to be hired were selected based on their computer proficiency and writing skills. After a two-week induction period, soldiers impersonated foreigners to lure victims. Once targets were identified, foreign operators would take over the fraud and intercept Nigerian participants to conceal transactions.

Payments to Nigerian accomplices were made in cash or through personal accounts, bypassing corporate systems.

Items recovered included computers, cell phones and vehicles. The EFCC stated that the suspects will face charges once investigations are completed.