As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a mix of emotions upon reading this news from Nigeria. On one hand, it’s disheartening to see such blatant scams targeting unsuspecting investors, especially when the crypto space is already fraught with risks and uncertainties.
In Nigeria, the Economic and Financial Crimes Commission apprehended a total of 792 people who are suspected of being involved in illegal activities related to cryptocurrency investments and online dating scams.
On December 10, 2024, I was part of an operation that led to the arrest of a diverse group of individuals, among whom were 148 Chinese nationals and 40 Filipinos, during a raid at the Big Leaf Building in Victoria Island, Lagos.
According to a statement made by EFCC Chairman Ola Olukoyede via his spokesperson, Wilson Uwujaren, it was disclosed that the accused individuals utilized a seven-story building as a training ground for their Nigerian associates, where they engaged in deceitful practices.
Investigators recovered over 500 SIM cards and high-end computer equipment used to target victims across North America, Europe, and other regions.
Fake profiles and romance scams
It’s said that foreign nationals are alleged to have instructed their Nigerian trainees on how to fabricate online identities and interact with potential victims through services such as WhatsApp, Instagram, and Telegram. The scam involved guiding the victims towards a bogus investment site, yooto.com, which demanded an initial activation fee of $35.
Candidates were chosen for their expertise in computers and typing speed. Following a two-week orientation period, these candidates assumed roles of foreign individuals to entice victims. As soon as contacts were established, foreign operatives would step in to manage the scam, severing ties with the Nigerian agents to hide the financial transactions.
Money was given to associates in Nigeria either as physical cash or through private bank accounts, avoiding the use of corporate banking systems.
The retrieved goods consisted of computers, smartphones, and automobiles. The Economic and Financial Crimes Commission (EFCC) indicated that the suspects will be charged after the inquiries have been fully completed.
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2024-12-17 20:16