Nigerian authorities have arrested 792 individuals, including 148 Chinese nationals and 40 Filipinos, in a major raid targeting a suspected cryptocurrency fraud operation in Lagos, Nigeria’s commercial capital. The operation, led by the country’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), took place at the seven-story Big Leaf building, a luxury office complex believed to house the fraudulent activities.
The suspects were allegedly involved in a complex scam that tricked victims, primarily from North America and Europe, into investing in fake cryptocurrency opportunities. The scammers, who targeted individuals through social media platforms like WhatsApp and Instagram, lured victims with seemingly lucrative investment offers and romantic enticements.
Wilson Oujarin, a spokesman for the EFCC, explained that once the victims were manipulated emotionally, they were coerced into sending money for non-existent cryptocurrency programs and other fraudulent schemes. The criminals used phishing tactics to identify potential victims, mainly from the United States, Canada, Mexico, and various European countries.
“Once Nigerian accomplices succeeded in gaining the trust of the victims, foreign nationals took over the task of defrauding them,” Oujarin said, adding that Nigerian recruits were employed by foreign syndicate leaders to attract victims online.
The EFCC is working with international partners to investigate potential links to organized crime syndicates and to trace further connections in the scam network. During the raid, authorities seized electronic devices, including computers and phones, along with vehicles, all believed to have been used in the operation.
This bust underscores the rising global threat of online scams and cryptocurrency frauds, which continue to target vulnerable individuals across borders.
