The Nigerian Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects linked to an international cryptocurrency and romance scam.
Second News from Africa, the raid conducted on December 10, 2024 targeted a seven-story building in Lagos, the country’s commercial hub.
Nicknamed the “Big Leaf Building,” this luxury structure allegedly served as a call center to orchestrate sophisticated online fraud schemes that exploited victims across Europe and the Americas.
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The scam involved both local and foreign actors
The suspects, including 148 Chinese nationals and 40 Filipinos, were arrested on December 10 at the Big Leaf Building in Lagos, Nigeria’s commercial capital https://t.co/tpZStAKDER
— Rappler (@rapplerdotcom) December 17, 2024
The EFCC raid unearthed an elaborate plot involving both local and foreign actors.
Those arrested include 148 Chinese citizens and 40 Filipinos, highlighting the global reach of the operation.
According to EFCC spokesperson Wilson Uwujaren, the suspects used social media platforms such as WhatsApp and Instagram to lure victims into fake investment opportunities or romance scams, with cryptocurrency being the main tool of deception.
“Nigerian accomplices were recruited by foreign kingpins to search for victims online through phishing, mainly targeting Americans, Canadians, Mexicans and many others from European countries,” Uwujaren said.
“Once Nigerians manage to gain the trust of potential victims, foreigners will take on the actual task of defrauding victims,” he added.
Scammers reportedly built trust with their victims before pushing them to transfer funds into fraudulent programs.
Nigerian agents initiated contact with the victims, while their foreign collaborators handled the financial transactions.
The EFCC seized computers, phones and vehicles during the raid and is now working with international partners to investigate potential links to organized crime.
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Nigeria is among the countries with high cryptocurrency adoption rates globally
With platforms like Binance and Paxful facilitating peer-to-peer (P2P) transactions, Nigeria has a high rate of cryptocurrency adoption.
However, this widespread adoption has also made the country a hotspot for cryptocurrency-related crimes.
In recent years, the EFCC has stepped up its crackdown on such activities, freezing bank accounts linked to suspicious transactions and prosecuting thousands of cyber criminals.
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