The Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects involved in cryptocurrency investment fraud and romance scams. The operation, carried out on December 10, 2024, took place at a seven-storey building known as Big Leaf Building on Oyin Jolayemi Street in Victoria Island, Lagos.

EFCC’s Director of Public Affairs, Wilson Uwujaren, explained that the arrests followed months of surveillance based on actionable intelligence. Among those arrested were 193 foreigners, including 148 Chinese nationals, 40 Filipinos, two Kharzartans, and others from Pakistan and Indonesia.

The foreign suspects were found using the building, which resembled a corporate office, to train their Nigerian accomplices on how to carry out romance and investment scams. The operation discovered that the building contained high-end computers and, on one floor alone, 500 SIM cards purchased for criminal activities.

The scammers would recruit Nigerian accomplices proficient in computer skills, particularly typing, to engage in phishing schemes targeting victims, mainly from the United States, Canada, Mexico, and Europe. They would be trained to create fake profiles and engage victims in romantic chats and fake investment opportunities, directing them to a bogus online investment platform, Yooto.com. Those who showed interest were asked to pay an activation fee to join the platform.

The Nigerian recruits, who were unaware of the true identity of their employers, were paid in cash or through personal accounts rather than corporate accounts. After gaining the victims' trust, the foreign criminals would take over the scam, cutting off the Nigerian accomplices from the operations.

EFCC is continuing its investigation, working with international partners to determine the extent of the fraud and possible links to larger international crime rings. Items recovered from the suspects included computers, mobile phones, laptops, and cars. The suspects have made statements, and further legal proceedings are underway.

The EFCC emphasized that while Nigerians are often wrongly blamed for fraud, foreigners are exploiting Nigeria’s reputation to operate their scams. The commission assured that there would be no safe haven for criminals in Nigeria.