The Economic and Financial Crimes Commission (EFCC) has carried out its largest operation to date, arresting 192 foreign nationals suspected of involvement in cryptocurrency investment fraud and romance scams. Those apprehended include 148 Chinese nationals, 40 Filipinos, two individuals from Kazakhstan, one Pakistani, and one Indonesian. The arrests occurred during a surprise raid at the suspects’ hideout—a seven-storey building called the Big Leaf Building, located on Oyin Jolayemi Street, Victoria Island, Lagos.

The EFCC disclosed that the operation stemmed from months of surveillance and actionable intelligence about the syndicate’s activities. The investigation uncovered that the building, disguised as a legitimate corporate office, was used to train Nigerian operatives on executing romance and investment scams. The scammers employed stolen Nigerian identities to facilitate their fraudulent schemes.

Inside the building, investigators discovered multiple floors dedicated to criminal operations, including high-end desktop computers and other tools. On the fifth floor, they seized 500 SIM cards from local telecom providers, which were intended for illicit purposes.

The syndicate targeted victims in the United States, Canada, Mexico, and various European countries using phishing schemes. Nigerian accomplices, equipped with computers and mobile devices, created fake profiles to engage victims through platforms such as WhatsApp, Instagram, and Telegram. They often posed as romantic partners or business professionals to lure victims into registering on a fraudulent investment platform, where activation fees began at $35.

This coordinated operation represents a significant victory for the EFCC, striking a major blow to the international syndicate behind these scams.