On December 10, a raid by Nigeria's Economic and Financial Crimes Commission (EFCC) led to the arrest of 792 individuals suspected of participating in large-scale cryptocurrency and romance scams in Lagos.
A Global Syndicate Uncovered
The arrested individuals include locals and foreigners, such as 148 Chinese nationals, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian. This operation is the largest of its kind in Nigeria’s history. According to EFCC spokesperson Wilson Uwujaren, the suspects were part of a global network orchestrating crypto scams and online romance frauds. The foreigners used the building as a training facility for Nigerians on how to conduct these scams.
Romance and Crypto Scams at the Core
The scams, known as 'pig butchering,' involve scammers creating fake romantic relationships on social platforms to gain trust before convincing victims, mainly from Western countries like the USA and Canada, to invest in bogus cryptocurrency schemes.
The Role of Foreign Nationals
Foreign nationals were responsible for training Nigerian accomplices to carry out scams using phishing tactics. Chinese crime syndicates are expanding into areas with weaker cybersecurity enforcement, providing technology, infrastructure, and financing to enhance Nigerian scam operations.
Suspects remain in custody as investigations continue with international partners. EFCC aims to uncover links between these operations and organized crime groups.
