Nigeria arrests 792 in historic crypto-romance scam raid

Nigeria’s Economic and Financial Crimes Commission (EFCC) on December 10 arrested 792 people linked to a massive crypto-romance scam operating in Lagos.

The suspects, who included 148 Chinese, 40 Filipinos and several other foreigners, were caught during a surprise raid on a towering seven-story structure known as the Big Leaf in the affluent neighborhood of Victoria Island.

A sophisticated scam network has been unveiled

According to information shared by the agency, the operation followed intelligence reports, which indicated that Big Leaf was a hub for fraudulent activity targeting victims worldwide.

Investigations revealed a highly organized network where foreign agents collaborated with local accomplices to swindle unsuspecting individuals through love and investment scams.

The Nigerian recruits, chosen for their proficiency with computers, were trained for at least two weeks on how to impersonate foreign women and engage victims in romantic and business conversations.

They then created fake profiles on social media platforms such as WhatsApp, Instagram and Telegram, which they used to lure targets into investing in fake crypto schemes hosted on a platform called Yooto(.)com. The website forced users to pay an activation fee starting at $35, with promises of high performance.

According to investigators, after Nigerians initiated contact with potential victims and built their trust, they handed over the communication to foreign agents who then executed the scams. This division of labor ensured that local accomplices were kept in the dark about the full extent of the criminal enterprise.

During their investigations, authorities found at least 500 SIM cards and high-end computers at the facility, which were allegedly used to maintain anonymity and target individuals primarily from North America and Europe.

They further claimed that the Nigerian recruits were paid in cash for their part in the scam, without documentation, which helped conceal the identity of the masterminds of the operation, who remain at large.

The agency is working with international partners to uncover the full extent of the scheme and any connections it may have with organized crime networks.

Large-Scale Crypto Fraud Schemes

Crypto scams have been on the rise recently, with a study by the Australian Cyber ​​Security Center (ACSC) revealing that Australians had lost almost $270 million to fake investments.

Elsewhere, South Korean law enforcement arrested 215 people accused of perpetrating a $232 million crypto scam. Among those arrested was a popular YouTuber with more than 600,000 followers who allegedly ran a fake investment consulting firm pushing a purported digital asset product that promised 20x returns.

Also, in October, Hong Kong police dismantled a huge cross-border fraud operation that used deep fakes to lure men into fraudulent crypto investments.

As in the Nigerian case, the Hong Kong group, made up of at least 27 people, operated from a building in the Hung Hom area of ​​the city. After the raid on the facility, authorities recovered computers, cellphones and about $25,000 in suspected criminal proceeds.

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