The post Nigeria Arrests 792 in Landmark Crypto-Romance Scam Raid appeared on BitcoinEthereumNews.com.

Nigeria’s Economic and Financial Crimes Commission (EFCC) on December 10 arrested 792 people linked to a massive crypto-romance scam operating out of Lagos. The suspects, who included 148 Chinese, 40 Filipinos, and several other foreign nationals, were caught during a surprise raid at an imposing seven-story structure known as Big Leaf in the affluent Victoria Island neighborhood. Sophisticated Scam Network Unveiled According to information shared by the agency, the operation followed intelligence reports, which indicated that Big Leaf was a hub for fraudulent activities targeting victims around the globe. Investigations revealed a highly organized network where foreign operatives collaborated with local accomplices to swindle unwitting individuals through romance and investment hoaxes. The Nigerian recruits, chosen for their proficiency with computers, were reportedly trained for at least two weeks on how to impersonate foreign women and engage victims in romantic and business conversations. They then created fake profiles on social media platforms such as WhatsApp, Instagram, and Telegram, which they used to lure targets to invest in bogus crypto schemes hosted on a platform called Yooto[.]com. The website required users to pay an activation fee starting from $35, with promises of high returns. Per investigators, after the Nigerians initiated contact with potential victims and built their confidence, they handed over communication to the foreign operatives who then executed the scams. This division of labor ensured that the local accomplices were kept in the dark about the full extent of the criminal enterprise. During their inquiries, authorities found at least 500 SIM cards and high-end computers on the premises, which were presumably used to maintain anonymity and target individuals primarily from North America and Europe. Further, they stated that the Nigerian recruits received cash payments for their part in the con, with no documentation, helping to obscure the identity of the operation’s…

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Filed under: News - @ December 21, 2024 6:25 pm