By Amofokhai Williams
In a groundbreaking operation, the Economic and Financial Crimes Commission (EFCC) has dismantled a sprawling fraud syndicate, arresting 792 suspects linked to cryptocurrency investment schemes and romance scams.
The daring raid, carried out on Tuesday, December 10, 2024, targeted the Big Leaf Building, a seven-storey fortress located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.
Acting on actionable intelligence, EFCC operatives stormed the opulent edifice, which had been camouflaged as a corporate headquarters, exposing its sinister underbelly.
Unmasking the Culprits
The EFCC’s Executive Chairman, Ola Olukoyede, revealed during a media briefing at the Lagos Zonal Directorate on Monday, December 16, that the arrested suspects include: 148 Chinese nationals, 40 Filipinos, two Kharzartans and
one Pakistani and one Indonesian.
These foreign masterminds, Olukoyede explained, had turned the facility into a hub for training their Nigerian accomplices on how to execute romance and investment scams, using false identities and deceitful tactics.
A Web of Deception
The operation uncovered a sophisticated setup, with each floor equipped with high-end desktop computers. On just one floor, investigators seized 500 SIM cards purchased for criminal purposes.
The syndicate employed Nigerians to lure unsuspecting victims, primarily from the U.S., Canada, Mexico, and Europe.
Armed with desktop computers and mobile devices, these accomplices created fake profiles and initiated conversations with targets on platforms like WhatsApp, Instagram, and Telegram.
For those who fell for the scam, victims were directed to a fake online investment platform, Yooto.com, where activation fees started at $35. Once victims showed interest, the foreign kingpins would step in, complete the defrauding process, and sever ties with their Nigerian recruits.
Recruitment and Training
According to Olukoyede, proficiency in computer use and typing skills were key criteria for recruiting young Nigerians.
Recruits underwent two weeks of training, learning to impersonate foreign women and engage victims in fraudulent business or romantic exchanges. However, these recruits were kept in the dark about the true owners of the operation and received their payments informally.
A Call for Justice
Olukoyede emphasised that this operation exposes the myth that Nigerians are solely responsible for fraud emanating from the country. Instead, foreign syndicates have exploited Nigeria’s tarnished reputation to conduct their criminal enterprises.
“There will be no hiding places for criminals in Nigeria,” he declared, affirming the EFCC’s resolve to collaborate with international partners to dismantle these networks.
Seized Items and Next Steps
Recovered items include desktop computers, mobile phones, laptops, and vehicles. The EFCC confirmed that the suspects would face charges upon the conclusion of investigations.
Meanwhile, Michael Wetkas, acting Zonal Director of the Lagos Zonal Directorate, called for stronger media collaboration in combating economic and financial crimes.
