In a significant crackdown, the Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects linked to cryptocurrency investment fraud.
This operation marks a major step forward in combating escalating economic crimes within the country.
On Tuesday, December 10, EFCC agents conducted a surprise raid at their hideout, uncovering the scale of fraudulent activities.
The operation took place in the Big Leaf Building, a seven-storey complex located on Oyin Jolayemi Street, Victoria Island, Lagos.
Ola Olukoyede, the Executive Chairman of EFCC, disclosed the details during a media briefing on December 16.
He confirmed that the arrested suspects include various nationalities, specifically 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian citizen.
Wilson Uwujaren, the EFCC’s Director of Public Affairs, elaborated on the nature of the fraud conducted by these foreign nationals.
He explained that they trained Nigerian accomplices in executing romance and investment scams from the facility disguised as a legitimate business enterprise.
Furthermore, Olukoyede noted that all floors of the building were equipped with high-end desktop computers.
“On the fifth floor alone, investigators recovered 500 local SIM cards intended for criminal purposes,” he emphasized during the briefing.
Investigation revealed that activation fees for creating accounts on the fraudulent platforms start as low as $35 USD.
The EFCC chairman emphasized that scammers effectively exploited young Nigerians recruited for their computer literacy and typing skills.
Moreover, Olukoyede highlighted the urgent need to counter foreign exploitation of Nigeria’s unfortunate reputation related to fraud.
“This operation demonstrates that there will be no hiding places for criminals in Nigeria,” he asserted, urging for more robust measures to combat such networks.
Once the investigation concludes, the commission plans to charge the suspects in court, he confirmed.
Olukoyede explained that Nigerian accomplices first earn victims’ trust before foreign operatives execute the actual scams.
The EFCC’s recent raid highlights its commitment to tackling economic crimes and dismantling criminal operations effectively.
The commission vigilantly protects the nation’s financial integrity from local and international fraud, ensuring justice for victims nationwide.