The Economic and Financial Crimes Commission (EFCC) has arrested a group of suspects in Lagos, which includes 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. The EFCC’s operatives conducted a raid on a seven-story building located at 7 Oyin Jolayemi Street, Victoria Island, on December 10, as part of an operation targeting individuals involved in crypto fraud and other cybercrimes.
This operation resulted in the arrest of 600 individuals believed to be part of the fraud syndicate. Wilson Uwujaren, the commission’s spokesman, reported that 193 foreign cartels, comprising Chinese, Arabs, and Filipinos, were apprehended during the raid. In September, an attempt to access the building, known as the “Big Leaf Building,” was thwarted when security personnel denied entry, as residents were required to confirm any visitors.
Sources indicate that this property, situated in a high-end estate on Victoria Island, was reportedly occupied by a foreign syndicate that had fled Dubai following a Saudi Arabian police inquiry into their suspicious activities. The kingpins, primarily part of Chinese organized crime, had equipped the entire building and recruited young, tech-savvy Nigerians to hack the bank accounts and identities of wealthy individuals around the world. The property drew attention from neighbors due to the constant activity.
When some residents expressed concern, estate managers instructed the foreign occupants to have their workers use a back entrance near a financial institution instead. Previous attempts by security operatives to capture the kingpins had failed because the suspects were warned about impending raids and were able to destroy incriminating evidence. Uwujaren stated that these arrests demonstrate the commitment of President Bola Ahmed Tinubu’s administration to combat corruption and financial crimes. He described the suspects as members of a dangerous syndicate involved in cryptocurrency investment fraud and romance scams, highlighting the successful operation in Lagos. “The suspects were detained in a surprise operation at their hideout, an imposing seven-story building known as the Big Leaf Building,” Uwujaren said. “This breakthrough was made possible through actionable intelligence and months of surveillance.”
The investigation revealed that the foreign nationals utilized the facility at Oyin Jolayemi Street, which appeared similar to a corporate headquarters, to train their Nigerian accomplices in initiating romance and investment scams, using the identities of Nigerians to carry out their criminal activities. Each floor was equipped with high-end desktop computers, and investigators recovered 500 SIM cards from local telecommunications companies used for illegal activities.
The Nigerian accomplices were recruited by foreign kingpins to prospect for victims online through phishing, primarily targeting individuals in the United States, Canada, Mexico, and various European countries. They were provided with desktop computers and mobile devices, and instructed to create fake profiles. The recruits were also given access logs to foreign communication lines and were able to engage with potential victims via WhatsApp, Instagram, and Telegram. They were assigned WhatsApp accounts linked to foreign numbers from countries like Germany and Italy. Their responsibilities included engaging victims in romantic conversations and phony business transactions to persuade them to make purchases on a fraudulent online investment platform known as www.yooto.com.
The activation fees to create an account on this platform started at $35. The investigation determined that the main criterion for recruiting these young Nigerians was their proficiency with computers, especially typing skills. Those who passed a test were given desktop computers and mobile devices, and underwent a two-week induction course on how to impersonate foreign women in romance scam conversations and convince victims to invest in the cryptocurrency scheme.
Once the Nigerians gained the trust of their potential victims, the foreign perpetrators would take over the actual defrauding process and subsequently cut off the Nigerians from the network, leaving them unaware of the transactions. Uwujaren further explained that surprisingly, many Nigerians in the operation did not know the identities of their employers, as they received neither formal appointment letters nor payment for their work.
He stated that the investigation revealed that they are paid either in cash or through an individual’s account.
“Further investigation is ongoing to establish the extent of the scam and the accomplices, including the likelihood of any collaboration with organized international fraud cells. The commission is working closely with its foreign partners in this regard.”
He listed the items recovered from the suspects including desktop computers, mobile phones, laptop computers, and cars, adding that the suspects have made statements, while their systems have also been screened.
“They are currently being held with a valid remand warrant and will be arraigned in court in the coming days. What is, however, clear from this arrest is that the notion that Nigerians are behind the tonnes of fraud emanating from our country is not correct.
“Foreigners are taking advantage of our nation’s unfortunate reputation as a haven of frauds to establish a foothold here to disguise their atrocious criminal enterprises.”
Engineer, Entrepreneur, forex trader and Analyst
