On December 10, Nigeria's Economic and Financial Crimes Commission arrested 792 individuals linked to a large crypto-romance scam operating out of Lagos.
Unveiling the Scam Network
According to the agency, the operation stemmed from intelligence reports indicating that a building on Victoria Island was a hub for fraudulent activities targeting individuals worldwide. Investigations revealed a well-organized network where foreign operatives collaborated with local accomplices to deceive people through romance and investment scams.
Large-Scale Crypto Scam Schemes
Crypto scams have been increasingly common. A recent study in Australia showed Australians lost nearly $270 million to fake investments. Other countries have reported similar schemes — last week, South Korean police arrested 215 people for involvement in a $232 million scam.
International Cooperation in Investigation
The agency is working with international partners to determine the full extent of the scheme and any links to organized crime networks.
As the full scale of the fraud emerges, international efforts to combat cryptocurrency scams continue. The Nigeria arrests highlighted the importance of international cooperation in such complex investigations.
