See Pics From Inside Nigerian Crypto Scam Syndicate Busted by Police

The Nigerian Economic and Financial Crimes Commission (EFCC) has dismantled an international crypto scam syndicate, arresting 792 suspects. The commission also shared pictures from the operation.

The international crackdown in Lagos resulted in the arrest of 148 Chinese nationals, as well as Arabs, Filipinos, and others, alongside Nigerian suspects.

In a surprise operation conducted on December 10, enabled by verifiable intelligence obtained by the EFCC, arrests were made at a seven-story office building known as the Big Leaf Building.

The commission reported that all floors of the building were equipped with “high-end desktop computers.”

Investigators also recovered 500 SIM cards from local telecommunication companies, allegedly purchased for criminal purposes.

According to the commission, the facility was used by foreign nationals to train their Nigerian accomplices on executing romance and investment scams. They also exploited the identities of their Nigerian partners to carry out criminal activities. The scammers primarily sought candidates proficient in computer use, particularly typing skills.

Here’s how the syndicate operated, as explained by the EFCC:

The recruited Nigerians primarily targeted individuals in the United States, Canada, Mexico, and some European countries using platforms like WhatsApp, Instagram, and Telegram. They created fake profiles and were trained to impersonate foreign women in romance scams or to present fraudulent business and investment offers. Victims were then directed to a phishing site, www.yooto.com.

Once a victim was hooked, they were initially required to pay a $35 activation fee.

"Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims and proceed to block their Nigerian accomplices from the network. This would then leave them in the dark about the transaction," the EFCC stated.

The commission hasn’t provided an estimate of the potential losses caused by the crypto scam syndicate.