The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft body, recently apprehended 792 suspects purportedly involved in crypto romance scams. The arrests succeeded a raid on a building suspected to be a nexus for these fraudsters, who allegedly deceived their victims into investing in sham cryptocurrency projects.
Wilson Uwujaren, the EFCC’s spokesperson, divulged that among these suspects, 148 are Chinese citizens and 40 are Filipino nationals. As reported by Reuters, the syndicate was operating from a luxurious edifice in Lagos, Nigeria’s commercial capital. Among the victims targeted were citizens of the U.S. and various European nations. During the raid, EFCC agents confiscated several computers, phones, and vehicles.
Uwujaren stated, “The foreign kingpins recruited Nigerian accomplices to scout for victims online through phishing, primarily targeting Americans, Canadians, Mexicans, and several others from European nations.” He further explained that after gaining the trust of these victims, the Nigerian suspects would transfer them to their foreign counterparts who then executed the fraudulent part of the scam.
The EFCC spokesperson also shared that the commission is currently collaborating with international partners, investigating potential connections to organized crime.
News of the arrest of these 792 suspects by the EFCC follows closely on the heels of the detention of a Nigerian man, Osang Otukpa, who is accused of defrauding 139 Australians of approximately $5.04 million (AUD $8 million) through a well-designed cryptocurrency scam. Otukpa is reported to have used five different aliases and is alleged to have enticed victims through social media to invest in a counterfeit cryptocurrency platform called Liquid Asset Group.
Otukpa’s fraudulent activities came to an abrupt end on December 6 when EFCC agents arrested him shortly after he arrived at Murtala Mohammed International Airport in Lagos. As per a Punch report, Otukpa will face charges once the EFCC concludes its investigations.
This recent crackdown on crypto-related scams by the EFCC underscores the growing global issue of cryptocurrency fraud. The commission’s collaboration with international counterparts and its commitment to holding these fraudsters accountable is a significant step towards curbing such illicit activities. However, it also emphasizes the need for potential investors to exercise caution and conduct comprehensive research before making any investment decisions, particularly in the volatile and often misunderstood world of cryptocurrencies.
