In a historic operation that has sent ripples across global anti-fraud efforts, the Economic and Financial Crimes Commission (EFCC) arrested 792 suspects involved in cryptocurrency investment fraud and romance scams. This landmark raid, conducted on December 10, 2024, targeted a sophisticated criminal syndicate operating from a seven-story building on Oyin Jolayemi Street, Victoria Island, Lagos. The building, ominously nicknamed the “Big Leaf Building,” served as the operational hub for fraudulent activities that spanned continents, targeting victims in North America, Europe, and beyond.
The Operation: A Well-Coordinated Raid
Acting on verified intelligence, EFCC officials stormed the Big Leaf Building in a surprise operation. Speaking at a media briefing on December 16, 2024, EFCC’s Executive Chairman Ola Olukoyede, through Director of Public Affairs CE Wilson Uwujaren, revealed the staggering scale of the operation. Among the 792 suspects, 193 were foreign nationals, including:
- 148 Chinese nationals
- 40 Filipinos
- 2 Kharzartans
- 1 Pakistani
- 1 Indonesian
These individuals, alongside their Nigerian accomplices, ran a highly coordinated scheme designed to defraud unsuspecting victims through phishing, romance scams, and cryptocurrency investment fraud.
The Big Leaf Building: A Fraud Factory
From the outside, the Big Leaf Building resembled a corporate headquarters. Inside, however, it was a high-tech fraud factory. Investigators discovered floors packed with high-end desktop computers. On the fifth floor alone, 500 SIM cards linked to local telecommunications networks were seized. These SIM cards were used to establish communication lines with victims, enhancing the syndicate’s ability to operate anonymously.
The syndicate’s modus operandi involved meticulously training their Nigerian recruits to exploit digital tools and platforms for fraudulent purposes. These accomplices were tasked with creating fake profiles and engaging victims in fabricated romantic and business relationships, often via platforms like WhatsApp, Instagram, and Telegram.
A Sophisticated Scam Network
Victims were lured into investing in a fraudulent online platform, yooto . com, which promised lucrative returns on cryptocurrency investments. The initial “activation fee” for this platform started at $35, a seemingly modest amount designed to bait potential victims. Once engaged, victims were manipulated into larger financial transactions, believing they were participating in a legitimate investment opportunity.
Recruitment and Training of Nigerian Accomplices
The syndicate’s foreign masterminds specifically targeted young Nigerians with proficiency in computer skills and fast typing abilities. Successful candidates underwent a two-week induction, where they were trained to impersonate foreign females in online chats. These recruits engaged victims in romantic and business-related conversations to build trust before passing the victims on to the foreign operatives for the final stages of the scam.
Interestingly, the Nigerian accomplices were deliberately kept in the dark about the full extent of the operation. They were paid in cash or through private accounts, bypassing any corporate payment channels that could trace the funds back to the masterminds. The lack of formal employment contracts further insulated the foreign kingpins from potential exposure.
Global Impact and EFCC’s Response
This operation underscores the international dimension of modern cybercrime. Victims spanned countries including the United States, Canada, Mexico, and several European nations. The EFCC is now collaborating with international partners to unravel the syndicate’s broader network and assess the extent of its financial and emotional toll on victims.
EFCC Chairman Ola Olukoyede also used the occasion to counter the stereotype that Nigerians are the primary perpetrators of global cybercrime. “Foreigners are taking advantage of our nation’s unfortunate reputation as a haven of fraud to establish a foothold here to disguise their atrocious criminal enterprises. But as this operation has shown, there will be no hiding places for criminals in Nigeria,” he emphasized.
Items Recovered
During the raid, EFCC officials seized an array of tools and resources used in the fraudulent activities. These included:
- High-end desktop computers
- Mobile phones
- Laptop computers
- 500 SIM cards
- Several cars
Next Steps
The EFCC is conducting thorough investigations to gather evidence for prosecuting the suspects. Once investigations are concluded, the suspects will face charges in court. The Commission’s collaboration with international agencies is expected to expose additional layers of the syndicate’s operations and potentially prevent future scams.
The Role of the Media and Public Awareness
Acting Zonal Director of the Lagos Zonal Directorate, Michael Wetkas, stressed the importance of media collaboration in combating financial crimes. By raising public awareness about these scams, the EFCC hopes to reduce the pool of potential victims and dismantle criminal networks more effectively.
Conclusion
The EFCC’s raid on the Big Leaf Building marks a significant victory in the fight against cybercrime. This operation highlights the critical role of intelligence, international cooperation, and public awareness in tackling sophisticated fraud syndicates. As investigations continue, this case serves as a warning to fraudsters operating within Nigeria and beyond: no hiding place exists for those who exploit others for financial gain.
