Michaela Alvez
Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested 792 people in a raid on a building in Lagos, believed to be a major hub for a widespread crypto romance scam operation.
The arrests occurred on December 10, with the suspects including 148 Chinese nationals and 40 Filipino nationals. A spokesperson for the EFCC shared this information with Reuters on December 16.
“Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries,” the EFCC spokesperson said.
The spokesperson also explained that after the Nigerian accomplices gained the trust of potential victims, the foreign suspects would step in to carry out the fraud.
The EFCC reported that the suspects used social media to create online identities, often pretending to show romantic interest or offering fake cryptocurrency investment opportunities to lure victims. The suspects would then pressure victims into sending money, a tactic commonly referred to as “pig butchering.”
Ken Gamble, co-founder of International Financial Watch Global, told Cointelegraph that Chinese criminal organizations are expanding their operations into regions like Africa, the Middle East, and Eastern Europe, following the success of similar schemes they previously established in Southeast Asia.
”The Chinese bring the technology, infrastructure, and financing, which allows the local Nigerian scam syndicates to enhance their operations,” Gamble stated.
Gamble further explained that the Lagos-based operation was relatively small, with Chinese ringleaders typically aiming to employ around 1,000 people in their schemes. In comparison, a similar operation in Myanmar had as many as 5,000 people involved.
Workers were often recruited through job advertisements and offered salaries well above the local average. In Nigeria, recruits could earn as much as $500 per month, approximately ten times the country’s minimum wage. In addition, workers were given bonuses for each successful scam they carried out.
The EFCC announced that it is working with international partners to investigate whether the Lagos-based operation is connected to global organized crime syndicates, as the incidence of “pig butchering” scams has risen worldwide.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
