In a recent development, Nigerian authorities have busted a massive cryptocurrency scam involving 792 people, including 148 Chinese and 40 Filipinos, in the country’s commercial capital, Lagos. The suspects were apprehended during a surprise raid on an impressive seven-story building known as ‘Big Leaf’ in the upscale Victoria Island district.
As per the Economic and Financial Crimes Commission (EFCC), the operation followed intelligence reports suggesting that the building was being used as a base for fraudulent activities targeting unsuspecting individuals worldwide. Investigations revealed a sophisticated network where foreign operatives teamed up with local accomplices to execute romance and investment scams using cryptocurrencies.
The Nigerian recruits, selected for their computer skills, were allegedly trained for at least two weeks to impersonate foreign women and engage victims in romantic or business conversations. They then created fake profiles on social media platforms like WhatsApp, Instagram, and Telegram to lure victims into investing in bogus crypto schemes hosted on a platform called Yooto(.)com.
The website demanded an activation fee ranging from $35, promising high returns on investment. Once the initial contact was established, the Nigerian recruits would hand over communication to the foreign operatives who would execute the scams. This division of labor ensured that the local accomplices remained in the dark about the full extent of the criminal enterprise.
During the raid, authorities seized at least 500 SIM cards and high-end computers, suggesting that the suspects targeted individuals primarily from North America and Europe. They also found that the Nigerian recruits received cash payments without any documentation, further complicating the investigation into the identities of the masterminds behind the operation.
This latest development comes amidst increasing concerns over large-scale cryptocurrency fraud schemes worldwide. Recently, South Korean law enforcement busted a $232 million crypto scam, while Australian authorities revealed that citizens had lost nearly $270 million to fake investments. Similarly, in Hong Kong, police dismantled a major cross-border fraud operation involving deepfake technology to lure men into cryptocurrency investments.
In light of these incidents, it’s crucial for individuals to exercise caution when dealing with cryptocurrency investments and always conduct thorough research before making any decisions.
Source
As per reported by cryptopotato.com