In a landmark operation, Nigeria’s Economic and Financial Crimes Commission (EFCC) has apprehended 792 individuals linked to extensive crypto investment and romance scams. Among those arrested are 148 Chinese nationals, 40 Filipinos, and several others from different countries. The suspects were detained during a raid on the Big Leaf Building, a seven-story facility located on Victoria Island, Lagos.

The EFCC’s Chairman, Ola Olukoyede, through the Director of Public Affairs, Wilson Uwujaren, disclosed that the suspects exploited the building to train Nigerian recruits in fraudulent schemes. Investigators uncovered over 500 SIM cards, advanced computer systems, and vehicles used in targeting victims worldwide, particularly in North America and Europe.

The scheme revolved around creating fake profiles on platforms like WhatsApp, Instagram, and Telegram. Recruits, chosen for their computer and typing skills, underwent a rigorous two-week training before impersonating foreign individuals to engage with potential victims. Victims were directed to a fraudulent investment site, www.yooto.com, requiring activation fees starting at $35. Once victims were hooked, foreign operators would assume control, severing ties with Nigerian recruits to obscure the trail.

Payments to the local accomplices were discreetly made in cash or via personal accounts, avoiding corporate systems. Authorities recovered computers, mobile devices, and other high-value items during the raid. The EFCC confirmed that suspects would face prosecution following a thorough investigation into the operation.