Nigeria's Economic and Financial Crimes Commission arrested 792 individuals suspected of involvement in large-scale cryptocurrency and romance scams.
A Global Syndicate Uncovered
On December 10, in Lagos, 148 Chinese, 40 Filipinos, and citizens of Kazakhstan, Pakistan, and Indonesia were arrested. According to EFCC spokesperson Wilson Uwujaren, this is the largest operation of its kind in Nigeria's history.
Romance and Crypto Scams at the Core
Fraudsters created fake romantic relationships to pressure victims into investing in bogus cryptocurrency schemes. The scammers mainly targeted Western victims.
The Role of Foreign Nationals
Foreign nationals were responsible for training local accomplices in scams using phishing tactics. Ken Gamble explains that these crime groups are increasingly targeting markets with weaker cybersecurity.
Investigations continue with international partners to explore links to organized crime.
