Nigeria arrests 792 people involved in crypto romance scams

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

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

The Chairman of the EFCC, Ola Olukoyede, Speaking through the agency’s Director of Public Affairs, Wilson Uwujaren, disclosed that the suspects used the seven-story establishment to train Nigerian accomplices in fraudulent activities.

Investigators recovered more than 500 SIM cards and high-end computer hardware used to target victims in North America, Europe and other regions.

Fake profiles and romance scams

The foreign nationals allegedly trained their Nigerian recruits to create fake profiles and interact with victims on platforms like WhatsApp, Instagram and Telegram. The scheme included directing victims to a fraudulent investment platform, www.yooto.com, with an initial activation fee starting at $35.

Recruits were selected based on their computer and typing skills. After a two-week initiation, the recruits posed as strangers to lure victims. Once the targets were engaged, the foreign operators would carry out the fraud, thereby cutting off the Nigerian participants to conceal the transactions.

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

Items recovered included computers, cell phones and vehicles. The EFCC said the suspects would be charged once investigations are completed.