Nigeria’s Economic and Financial Crimes Commission (EFCC) on December 10 arrested 792 people linked to a massive crypto-romance scam operating out of Lagos.
The suspects, who included 148 Chinese, 40 Filipinos, and several other foreign nationals, were caught during a surprise raid at an imposing seven-story structure known as Big Leaf in the affluent Victoria Island neighborhood.
Sophisticated Scam Network Unveiled
According to information shared by the agency, the operation followed intelligence reports, which indicated that Big Leaf was a hub for fraudulent activities targeting victims around the globe.
Investigations revealed a highly organized network where foreign operatives collaborated with local accomplices to swindle unwitting individuals through romance and investment hoaxes.
The Nigerian recruits, chosen for their proficiency with computers, were reportedly trained for at least two weeks on how to impersonate foreign women and engage victims in romantic and business conversations.
They then created fake profiles on social media platforms such as WhatsApp, Instagram, and Telegram, which they used to lure targets to invest in bogus crypto schemes hosted on a platform called Yooto[.]com. The website required users to pay an activation fee starting from $35, with promises of high returns.
Per investigators, after the Nigerians initiated contact with potential victims and built their confidence, they handed over communication to the foreign operatives who then executed the scams. This division of labor ensured that the local accomplices were kept in the dark about the full extent of the criminal enterprise.
During their inquiries, authorities found at least 500 SIM cards and high-end computers on the premises, which were presumably used to maintain anonymity and target individuals primarily from North America and Europe.
Further, they stated that the Nigerian recruits received cash payments for their part in the con, with no documentation, helping to obscure the identity of the operation’s masterminds, who remain at large.
The agency is working with international partners to uncover the full extent of the scheme and any connections it may have to organized crime networks.
Large-Scale Crypto Fraud Schemes
Crypto scams have been on the rise recently, with a study by the Australian Cyber Security Centre (ACSC) revealing that Australians had lost nearly $270 million to fake investments.
Elsewhere, South Korean law enforcement apprehended 215 people accused of perpetrating a $232 million crypto rip-off. Among those arrested was a popular YouTuber with more than 600,000 followers who allegedly ran a phony investment consulting firm pushing a purported digital asset product promising 20-fold returns.
Also, in October, Hong Kong police dismantled a huge cross-border fraud operation that used deepfakes to lure men into deceptive crypto investments.
Like in the Nigerian case, the Hong Kong group, consisting of at least 27 individuals, operated from a building in the city’s Hung Hom area. Upon raiding the facility, authorities recovered computers, mobile phones, and about $25,000 in suspected criminal proceeds.
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