Nigerian Crypto Romance Scam Nearly 800 Culprits Arrested

The Economic and Financial Crimes Commission EFCC conducted a scam operation at the Big Leaf Building on December 10, 2024. The building was speculated to be the hub of various fraudulent activities.

Fraudsters focused on luring potential victims with the pretext of romance to ask them later to hand over their cash or cryptocurrency investments. This chain has victimized several innocent individuals. The victims were pressured to invest their money in fake cryptocurrency schemes.

As per the Economic and Financial Crimes Commission spokesperson Wilson Uwujaren, the suspects of this well-curated scam include 148 Chinese and 40 Filipino nationals. They were detained after the operation held on December 10. The raid was held on the seven-story building called Big Leaf Building in Lagos. The luxury building functioned as the hub for similar fraudulent activities.

The call centers within the building focused on scamming people from America and Europe. The seven-story building located at Joleyami Street in Victoria Island functioned as the operational hub for the scam.

The building was the training center for the Nigerians recruited by foreign criminals. A two-week training program is conducted for the recruits. The training consisted of romance and investment scams. Social media engagement with potential victims and the creation of fake profiles online are trained in these sessions.

The scammers would make contact with potential victims through social media platforms, including WhatsApp, and Instagram. They lure them online offering lucrative crypto investment opportunities. These are fake cryptocurrency investment schemes.

After the victim is hooked on their offerings, they pressure the victims to transfer their money. They are offered returns from non-existent cryptocurrency projects and fake cryptocurrency schemes.

Uwujaren stated that the commission collaborates with international partners and analyses the potential connections associated with the crime. He said that its agent had seized computers, phones, and vehicles in the raid.

Nigerians were recruited for these fraudulent activities by foreigners to identify the victims online through phishing. The major target was mostly Americans, Canadians, Mexicans, and other Europeans.

Authorities utilized several advanced investigation techniques to track down the suspects involved in the scam