Nearly 800 Arrested in Nigeria’s Crackdown on International Crypto Scam

In a major operation, Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has uncovered a massive crypto romance scam in Lagos. On December 10, the EFCC raided a building suspected of being a hub for the scam, arresting 792 individuals in connection with the fraudulent activity.

International Involvement in the Scam

The arrested individuals included 148 Chinese nationals and 40 Filipinos. According to an EFCC spokesperson, foreign criminals led the operation, recruiting Nigerian accomplices to assist in defrauding victims through online means. The suspects used phishing tactics to target individuals, primarily in North America and Europe. “Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries,” the EFCC spokesperson said.

Once Nigerian operatives gained the trust of potential victims, the foreign criminals took over, using various strategies to deceive and pressure their targets into sending money. The scam primarily focused on what is known as a “pig butchering” scheme, where victims were either seduced through fake romantic relationships or lured with bogus crypto investment opportunities.

The scheme involved suspects contacting victims via social media, promising lucrative investments in cryptocurrency or building relationships to gain their trust. Once a victim’s confidence was secured, the perpetrators would convince them to transfer significant amounts of money, often under the guise of making investments or building a connection. The EFCC confirmed that the foreign criminals were responsible for the actual defrauding process, capitalizing on the groundwork laid by Nigerian accomplices.

Authorities have stated that the investigation into this large-scale operation will continue, and those arrested are expected to face charges related to online fraud and other related crimes. This operation highlights Nigeria’s ongoing efforts to combat the increasing prevalence of online scams, particularly those involving cryptocurrency.