BTC
December 18, 2024
The Economic and Financial Crimes Commission (EFCC) of Nigeria arrested 792 individuals suspected of involvement in cryptocurrency-related scams during a raid on 10 December 2024 at Victoria Island Building, Lagos.
The list of those arrested included 148 Chinese nationals, 40 Filipinos, and suspects of other nationalities. Investigations revealed that the seven-storey building was used to train Nigerian recruits to carry out complex fraud operations.
For his part, the Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, stated through the Director of Public Affairs, Wilson Owujaren, that the suspects exploited technology to direct their victims in North America, Europe and other regions, targeting them through social media platforms such as WhatsApp, Instagram and Telegram.
The investigation revealed that the suspects were directing victims to a fraudulent investment platform called “www.yooto.com,” which started with an initial registration fee of $35. According to the information, the Nigerian recruits were selected based on their typing skills and computer proficiency, and later underwent intensive training for two weeks before embarking on the fraud. During the raid, investigators recovered more than 500 SIM cards, high-end computers and mobile phones that were used in the fraud. Other vehicles and equipment were also seized.
Investigations indicated that Nigerian recruits were creating fake profiles to communicate with victims, while foreigners were handling financial transactions, bypassing corporate systems and directing funds to personal accounts to ensure untraceability.
The Economic and Financial Crimes Commission also confirmed that the accused will face trial once investigations are completed, noting that the operation is one of the biggest strikes against organized fraud networks in Nigeria. Read also:
Calm in the cryptocurrency market and Bitcoin stabilizes
Circle and Binance Partner to Boost Stablecoin Market
UAE surpasses $50 billion in cryptocurrency trading volume