The Nigerian law enforcement agencies have uncovered a sophisticated global crypto fraud in Lagos during a general cyber criminance.
As one of the most coordinated activities against crypto fraud in West Africa this year, the recent raid led to the arrest of 53 people from various nationalities.
Among the arrested 29 Chinese citizens who formed the majority of suspects together with citizens from the Philippines, Malaysia, Indonesia and Pakistan.
Massive financial network uncovered
The investigation showed an astonishing network of financial transactions, with the authorities confiscating assets worth 200,000 US dollars. The network supposedly acted over 3 million US dollars of illegal money via Gentting International Co. Ltd., its registered company.
Bank records, the transactions between April and December 2024 of over 26 billion N. No.
The suspected members of the crypto scam operation. Image credit: EFCC.
Digital arsenal and infrastructure confiscated
The “Eagle Flush Mission” of the Economic and Financial Criminal Police Commission found a large operational basis with advanced technologies.
Together with a considerable stock of computers, mobile phones and tablets, the investigators confiscated around 500 Nigerian SIM cards.
In the busy city of Lagos, the group’s offices were also used in several cars that were used in daily operation. This discovery emphasizes the industrial scope of its deception, which is aimed at victims of various continents.
Complex network of fraud and identity theft
According to the directorate of the zonals of the Lagos of the Economic and Finance Crime Commission (EFCC), the more fascinating stories of a Chinese citizen who allegedly died for a 28-year-old American woman named “Lina” and exudes naive victim.
The complexity of the company comprised agreements with nearby cryptocurrency sellers, which enabled peer-to-peer-anddt trade (Tether). Two such suppliers – Chukwuemeka Okreke and Alhassan Aminu Garbo – carried out the transfer of USDT transactions of a total of 2.39 million US dollars for the syndicate.
International implications and future effects
In the global campaign against crypto -related crimes, the arrests mark a major turning point. Among the other counts, the accused must answer that cyber terrorism, identity and identity theft.
Apart from a local triumph, this case shows how the capacity of the African law enforcement agencies develops to combat advanced financial crimes. The 792 people who are involved in illegal financial transfers via P2P exchanges indicate a large network that could cross far beyond the borders of Nigeria.
This case provides a strong message for foreign cyber crime syndicates that see African countries for their activities as safe ports. When the acceptance of cryptocurrencies worldwide is increasing, this recent operation of the Nigerian authorities could act as a model for upcoming international cooperation against digital financial crimes.
Selected image of CNN, DIAGINGVIEW diagram