Massive Arrest of 792 Crypto Fraudsters in Lagos

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by Giorgi Kostiuk

2 years ago

Nigeria's Economic and Financial Crimes Commission has conducted a crackdown arresting 792 individuals suspected of major crypto fraud.

A Global Syndicate Uncovered

The arrested include both local and foreign nationals. Among those detained are 148 Chinese nationals, 40 Filipinos, as well as two Kazakhs, one Pakistani, and one Indonesian. EFCC spokesperson Wilson Uwujaren mentioned that the suspects are part of a global network orchestrating crypto scams and online romance frauds. The foreigners were using the building as a training facility for Nigerians to conduct these scams.

Romance and Crypto Scams at the Core

The scams, known as 'pig butchering', involve creating fake romantic relationships with victims on social media. Once trust is secured, scammers pressure victims to invest in phony cryptocurrency schemes. The primary targets were in the US, Canada, Mexico, and Europe. Using the platform yooto(.)com, scammers charged an initial fee of $35 for account activation. Communication occurred on platforms like WhatsApp, Instagram, and Telegram linked to foreign numbers.

The Role of Foreign Nationals

Foreign nationals provided training and guidance for Nigerian accomplices on scam execution. Chinese crime syndicates are known for funding and providing technology enhancements to increase operational efficiency. Nigerian operatives reportedly earn up to $500 monthly, significantly more than the country's minimum wage. According to Ken Gamble, the technology, infrastructure, and financing provided by Chinese syndicates enable Nigerian scam operations to enhance.

The Chinese bring the technology, infrastructure and financing, which allows the local Nigerian scam syndicates to enhance their operations.Ken Gamble, IFW Global

The suspects remain in custody as international partnerships pursue investigations into links with organized crime.

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