Nigerian Crypto-Romance Scam Leads to Nearly 800 Arrests

• Approximately 800 individuals were arrested for participating in cyber-enabled financial fraud.
• The operation mainly targeted the Americas and Europe via messages on WhatsApp and Instagram.
• The scammers would pretend to offer romantic or investment opportunities and then persuade victims to invest in fake crypto.

Nigeria's Economic and Financial Crimes Commission (EFCC) has announced a significant victory in the fight against cyber-enabled financial fraud with the arrest of 792 suspects linked to a global cryptocurrency and romance scam operation. 

The raid took place on December 10 and targeted a seven-story building in Lagos, known as the Big Leaf Building, which is believed to be the central hub of the fraudulent activities, according to Reuters.

Among those arrested were 148 Chinese nationals and 40 Filipinos, alongside several Nigerians alleged to have played a key role in the scheme. 

According to EFCC spokesperson Wilson Uwujaren, the operation was orchestrated to target victims, primarily from the Americas and Europe, using social media and messaging platforms, such as WhatsApp and Instagram.

The suspects reportedly lured victims by pretending to offer romantic relationships or lucrative investment opportunities. Once they gained trust, victims were persuaded to hand over substantial sums, often for non-existent cryptocurrency investments or other fraudulent projects.

Uwujaren explained that the scheme relied on layering operations involving both local and international actors. 

“Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries. Once the Nigerians were able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding them,” he stated.

The Big Leaf Building, described as a luxury call center, served as the headquarters for the operation. During the raid, EFCC agents seized computers, mobile phones, and vehicles, which are now being analyzed as part of an ongoing investigation.

The EFCC noted that the agency is collaborating with international partners to explore the scam's potential links to transnational organized crime.

South-South Professional & Transparency Initiatives (SSPTI) National Coordinator Dr. Ugochukwu Alozie criticized the focus of INTERPOL’s recent investigation, which he believed blamed a non-existent cult for cybercrimes in Nigeria.

“As we highlighted in a recent statement to major newspapers, INTERPOL must sharpen its investigative approach. They hastily indict Nigerians and link a mythical group, the Black Axe Confraternity, to global cybercrimes. This recent arrest clearly disproves their narrative,” he said.

On November 3, 113 foreign nationals were faced with charges that included computer-related fraud, unlawful access to data, marketing scams, money laundering, conspiracy, and illegal immigration, and they were reportedly involved in cybercrime, immigration, and human trafficking networks. 

In recent months, North Korean hackers were seen posting fake job offers on the recruitment website LinkedIn to trick people adjacent to the crypto sector.