In a significant operation on December 10, operatives of the Economic and Financial Crimes Commission (EFCC) raided a seven-storey building located at 7, Oyin Jolayemi Street, Victoria Island, Lagos. The building, believed to be a haven for cybercriminals, housed hundreds of suspects involved in crypto fraud and other cybercrimes.
Among the 800 individuals arrested during the raid were 148 Chinese nationals, 40 Filipinos, two Khazartans, one Pakistani, and one Indonesian. These individuals were part of a larger international network accused of running fraudulent cryptocurrency schemes and other illicit activities. According to EFCC spokesperson, Wilson Uwujaren, this operation was the result of months of investigation, targeting an extensive foreign cartel engaged in various forms of cybercrime, including crypto fraud.
The raid led to the arrest of a total of 600 Nigerians and 193 foreign nationals, who were reportedly operating as part of the fraudulent network. This bust is one of the most significant actions taken by the EFCC in recent times to tackle rising cases of cybercrime and crypto-related fraud.
The suspects were arrested for allegedly using deceptive tactics to lure unsuspecting individuals into investing in fake cryptocurrency ventures. The EFCC’s effort to crack down on this growing global menace aims to curb the impact of online fraud on Nigerian citizens and protect the integrity of financial markets.
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