Detained suspects include 148 Chinese nationals and 40 Filipinos. The Economic and Financial Crimes Commission (EFCC) of Nigeria has arrested 792 people over a huge Crypto romance scam.
The arrests occurred on December 10 at a building in Lagos, Nigeria’s largest city. Prosecutors believe it is a principal center for fraudulent activities.
According to Reuters, the detained suspects consist of 148 Chinese nationals and 40 Filipinos, an EFCC spokesperson also provided updates on 16th December.
Foreign Kingpins Recruited Nigerians for Online Fraud Scheme
The masterminds of the scheme recruited Nigerian accomplices to lure victims online, targeting mostly people in the U.S., Canada, Mexic,o and European countries, the spokesperson said.
The EFCC spokesperson said the foreign kingpins recruited Nigerian accomplices ‘to prospect for victims online via phishing targeting mostly Americans, Canadians, Mexicans and other Europeans.’
“Once the Nigerians can help win the confidence of would-be victims, the foreigners will be in charge of the actual defrauding of the victims.”
The operation reportedly used tactics typical of ” ’pig butchering’ ” scams. In this method, scammers use fake online personas to try to build trust with victims, pretending to be romantically interested in them or selling them some form of cryptocurrency.
When trust has been set, victims are then pressured to transfer funds. This is particularly significant as, in Myanmar, similar operations employ up to 5,000 people, yet the Lagos scheme was much smaller.
193 Foreigners, 599 Nigerians Arrested by EFCC in Biggest Cryptocurrency Scam the biggest arrest of suspected cryptocurrency fraudsters, the Economic and Financial Crimes Commission has on Monday said its operatives have arrested about 792 persons.
The their region and tribe pic.twitter.com/ZCjT5ik2V5— Maidalan Kabi Phd™ (@Nura_arg) December 16, 2024
Job ads lead to workers being recruited and they make a lot more money than local averages. In Nigeria, recruits were reportedly offered between $500 per month, or ten times the country’s national minimum wage, plus bonuses for performing scams.
Lagos operation ‘linked’ to global organized crime syndicates, says EFCC. The crackdown is part of a global surge in what is known as ‘pig butchering’ scams.
Rising Crypto Scam Warnings in New Zealand from the country’s FMA New Zealand’s Financial Markets Authority (FMA) just released a warning that crypto scams are on a massive rise, with an unlikely target: social media users.
A watchdog warned Monday that fraudsters work from YouTube channels and messaging networks like WhatsApp and Telegram, luring the unwary with the promise of grand investment schemes.
Scammers set up YouTube channels that look an awful lot like sources of cryptocurrency trading advice. On WhatsApp or Telegram, the fraudsters invite viewers to join private messaging groups and present to them as experienced investment experts.
The moment they join these groups, the victims are led to fraudulent trading platforms modeled after actual cryptocurrency exchanges. With that, victims are first instructed to make small deposits, as this is the breeding ground for trust.
Then, they are put through fake profit statements to spur them on to larger investments. However, when users try to withdraw their funds, they start demanding more fees, and no money can be returned.
Of the more than 40 suspicious trading platforms flagged by the FMA, the latter include bi-investments.com, phoenix-trades.com, and bricsinvestlimited.com.Details of the platforms on which there were flagged issues can be found on the FMA’s official website.
