Nigeria arrests 792 suspects in massive crypto romance scam
Date: 2024-12-17 Author: Oliver Abernathy Categories: IN WORLD
Nigeria's Economic and Financial Crimes Commission (EFCC) has arrested 792 people on suspicion of involvement in a massive cryptocurrency scheme disguised as romance scams.
The arrests were made on December 10 at a building in Lagos, Nigeria's largest city, which was found to be the main hub for the illegal activity. Among those arrested are 148 Chinese and 40 Filipinos, according to Reuters, citing an EFCC official.
The commission official said the scheme's organizers recruited Nigerian accomplices to search for victims online. The scammers' primary targets were users from the United States, Canada, Mexico, and European countries.
“Nigerian accomplices were recruited by foreign masterminds to target potential victims through phishing websites targeting Americans, Canadians, Mexicans and Europeans,” an EFCC spokesman said.
“Once the victim was lured into trusting the Nigerians, the foreigners would then take over the bulk of the fraud and extortion.”
The scheme used a tactic known as “pig butchering,” in which fraudsters create fake profiles to establish trust. They often pose as romantic partners or offer lucrative cryptocurrency investments to extort money from gullible victims.
The workers were recruited through job postings that offered well above-average salaries. In Nigeria, the EFCC says workers were offered up to $500 a month, which is 10 times the country’s minimum wage. Successful fraudsters also received bonuses for their performance.
The EFCC continues to work with international partners to establish possible links between the Lagos operation and global criminal groups. The large-scale raid comes amid a rise in “banker scams” around the world.
Victims are asked to deposit small amounts to create the appearance of successful transactions, after which they are shown fake profit reports. However, when they try to withdraw funds, the scammers demand additional fees, and the money is never returned.
The arrests were made on December 10 at a building in Lagos, Nigeria's largest city, which was found to be the main hub for the illegal activity. Among those arrested are 148 Chinese and 40 Filipinos, according to Reuters, citing an EFCC official.
The commission official said the scheme's organizers recruited Nigerian accomplices to search for victims online. The scammers' primary targets were users from the United States, Canada, Mexico, and European countries.
“Nigerian accomplices were recruited by foreign masterminds to target potential victims through phishing websites targeting Americans, Canadians, Mexicans and Europeans,” an EFCC spokesman said.
“Once the victim was lured into trusting the Nigerians, the foreigners would then take over the bulk of the fraud and extortion.”
The scheme used a tactic known as “pig butchering,” in which fraudsters create fake profiles to establish trust. They often pose as romantic partners or offer lucrative cryptocurrency investments to extort money from gullible victims.
The workers were recruited through job postings that offered well above-average salaries. In Nigeria, the EFCC says workers were offered up to $500 a month, which is 10 times the country’s minimum wage. Successful fraudsters also received bonuses for their performance.
The EFCC continues to work with international partners to establish possible links between the Lagos operation and global criminal groups. The large-scale raid comes amid a rise in “banker scams” around the world.
The New Zealand Financial Markets Authority (FMA) recently warned of a rise in cryptocurrency scams on social media.
The agency reported that scammers are using YouTube, WhatsApp, and Telegram to lure victims. They create fake channels and groups, posing as experienced investment experts who promise quick money.
