EFCC Arrests 193 Foreign Nationals in Major Cybercrime and Cryptocurrency Fraud Bust in Lagos

 

The Economic and Financial Crimes Commission (EFCC) has apprehended 193 foreign nationals as part of a major crackdown on a cybercrime and cryptocurrency fraud syndicate operating in Lagos.

On Monday, EFCC Executive Chairman Ola Olukoyede announced that the Commission had successfully arrested 792 individuals in connection with cryptocurrency investment fraud and romance scams during a large-scale operation.

The 193 foreign suspects, who were arrested in a raid last Tuesday at the Big Leaf Building on Oyin Jolayemi Street, Victoria Island, included 148 Chinese nationals, 40 Filipinos, two Kazakhstani citizens, one Pakistani, and one Indonesian.

Olukoyede, represented by the EFCC Director of Public Affairs, Wilson Uwujaren, revealed that the suspects used the building, which resembled the headquarters of a financial institution, to train their Nigerian collaborators. These foreign nationals taught their Nigerian associates how to run romance and investment scams, utilizing fake identities to carry out fraudulent activities.

“This is a significant victory in our battle against financial crimes,” Olukoyede declared. “These criminals, both local and international, thought Nigeria would be a safe haven for their activities, but we’ve shown them otherwise.”

The EFCC’s investigation uncovered that the syndicate used the facility to recruit and train young Nigerians in cyber fraud. High-end desktop computers were found on each floor, and the fifth floor alone contained 500 SIM cards connected to Nigerian telecom networks. The Nigerian recruits were trained to use fake profiles on social media platforms such as WhatsApp, Instagram, and Telegram to engage victims, often leading them to invest in a fraudulent platform, www.yooto.com, where activation fees started at $35.

Once victims were lured in, the foreign operatives took over the scams, excluding their Nigerian counterparts from the financial transactions. The Nigerian accomplices received no formal contracts, and payments were made in cash or through personal bank accounts, rather than through corporate accounts.

“These foreigners exploited Nigeria’s reputation as a hub for online fraud to hide their criminal activities,” said Olukoyede. “This arrest shows that not all scams originating from Nigeria are carried out by Nigerians.”

The EFCC seized various items from the suspects, including mobile phones, laptops, desktop computers, and vehicles. The suspects’ statements have been taken, and their devices are undergoing forensic analysis. Olukoyede also emphasized that the Commission is working with international partners to trace connections to global criminal networks. The suspects are currently in custody under valid remand warrants and will face prosecution soon.

“This operation sends a clear message: criminals, whether local or foreign, will find no sanctuary in Nigeria,” Olukoyede asserted.

The EFCC remains committed to intensifying its efforts to combat financial crimes and restore Nigeria's international reputation while seeking justice for victims worldwide.