Nigeria arrests 792 suspects in massive crypto-romance scam

In Nigeria, the Economic and Financial Crimes Commission (EFCC) conducted a significant operation on December 10, 2024, leading to the arrest of 792 individuals suspected of involvement in a cryptocurrency romance scam. The raids took place at the Big Leaf Building in Lagos, a high-rise structure identified as a central hub for fraudulent activities targeting individuals across America, Canada, Mexico, and several European nations. The suspects, including 148 Chinese and 40 Filipino nationals, were believed to have participated in a scheme that misled victims under the guise of online romance and enticing investment opportunities. The commission's spokesperson, Wilson Uwujaren, revealed that the operators of the fraud employed social media and messaging platforms like WhatsApp and Instagram to seduce and defraud victims. Initially, local accomplices in Nigeria would engage potential victims, gaining their confidence through personal interactions, after which foreign masterminds would take over the deceptive operations. This method demonstrated a coordinated effort where international elements leveraged local resources to execute scams on a large scale. Following these arrests, the Economic and Financial Crimes Commission is now working alongside international partners to investigate the potential connections of these suspects to organized crime networks. There has been a notable rise in such scams where personal relationships are exploited to convince victims to invest in non-existent cryptocurrency ventures, leading to significant financial loss for individuals unaware of the fraudulent nature of the offers. The seizure of various items such as computers, mobile phones, and vehicles during the raid indicates the scale of operation that was being run from the luxurious building. Authorities anticipate that this operation could unveil further details about the extent of the scams and lead to more arrests. The EFCC's commitment to eradicating such fraudulent activities is evident, as they continue to tackle these sophisticated scams that prey on vulnerable sections of society, especially those looking for companionship or investment opportunities.