792 arrested as EFCC gets tough with cryptocurrency fraud syndicate

The Economic and Financial Crimes Commission (EFCC) has disclosed a dismantling of a major cybercrime syndicate in Lagos, resulting in the arrest of 792 suspects. The anti-graft agency said among the apprehended suspects are 193 foreign nationals, including 148 Chinese, 40 Filipinos, two Khazartans, one Pakistani, and one Indonesian. Addressing newsmen yesterday in the Agency’s Lagos office on behalf of the chairman, the director, Public Affairs, Mr Wilson Uwujaren, said that the bust highlights the scale of international cybercrime activities leveraging Nigeria’s reputation as a hub for fraud.

The anti-graft agency revealed that the syndicate, operating from a seven-storey building on Oyin Jolayemi Street, Victoria Island, used the facility to train Nigerian accomplices in executing romance and investment scams targeting Americans, Canadians, Mexicans, and Europeans. According to him, the high-end equipment, including hundreds of desktop computers and 500 locally sourced SIM cards, was recovered during the raid. “The modus operandi involved creating fake profiles, engaging victims through platforms like WhatsApp and Instagram, and luring them into a fraudulent cryptocurrency platform, www.



yooto.com,” he said. Investigation, according to the commission revealed that foreign kingpins recruited Nigerians proficient in typing and computer use, subjecting them to two weeks of training in scam techniques.

Uwujaren explained further that once victims expressed interest in the scam, the foreign masterminds would take over and complete the fraud, often leaving their Nigerian recruits in the dark about the proceeds. “Payment to the local recruits was untraceable, made through cash or personal accounts, bypassing formal employment structures,” he said. The EFCC further said the operation underscores the growing role of foreign nationals in cybercrime activities within Nigeria, challenging the narrative that fraud originating from the country is solely a domestic issue.

The EFCC’s collaboration with international partners aims to unravel the syndicate’s global reach and identify links to other organised fraud networks. Meanwhile the recovered items include computers, mobile devices, and vehicles. The suspects remain in custody under valid remand warrants and face imminent prosecution, Uwujaren stated.

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