EFCC Arrests 792 Foreigners Over Romance, Investment Scam In Lagos

The Economic and Financial Crimes Commission (EFCC) has arrested 792 foreign nationals in the largest operation in the commission’s history for allegedly participating in romance scams and cryptocurrency investment fraud.

In a statement, the commission said that 148 Chinese nationals, 40 Filipinos, two Khazartans, one Pakistani, and one Indonesian were among those detained. The suspects were captured in a surprise operation at their hideout, the Big Leaf Building, a seven-story structure at No. 7, Oyin Jolayemi Street, Victoria Island, Lagos, according to the agency.

The EFCC said the operation was the result of actionable intelligence and months of surveillance on the syndicate’s activities. The investigation confirmed that the foreigners used the building, which looked like a legitimate corporate office, to train Nigerian accomplices on how to execute romance and investment scams, and they also used Nigerian identities to carry out their fraudulent schemes.

The facility, which had several floors dedicated to criminal activities and was equipped with high-end desktop computers, had 500 SIM cards of local telecom providers that were obtained for illegal purposes on the fifth floor.

The EFCC said the foreign suspects recruited Nigerian accomplices to target victims primarily in the United States, Canada, Mexico, and several European countries through phishing schemes.

‘’The Nigerian operatives were given desktop computers and mobile devices, creating fake profiles to engage victims in fraudulent romantic and business conversations.

“These accomplices communicated with victims using WhatsApp, Instagram, and Telegram, often pretending to be business professionals or romantic partners. The scammers encouraged victims to register on a fake online investment platform, www.yooto.com, where they were required to pay activation fees starting at $35 to open an account.”

With this successful operation, the EFCC has dealt a serious blow to the global syndicate that is responsible for these scams.