On December 10, 2024, the Economic and Financial Crimes Commission (EFCC) made headlines with the arrest of 792 individuals in one day as part of a massive cybercrime operation. The operation targeted a fraudulent network operating from the Big Leaf Building on Victoria Island, Lagos, and involved individuals from multiple countries, including 148 from China and 40 from the Philippines.
The EFCC, which had been gathering intelligence for over a month, uncovered a complex scam that lured victims, primarily from Europe and the Americas, into fake cryptocurrency investment schemes. Using deceptive tactics, the syndicate convinced victims to pay a $35 activation fee, which then led to larger, fraudulent investments.
Among the suspects was Adeola, a 24-year-old Nigerian graduate who had been recruited into the scheme under the guise of a legitimate marketing job. Adeola’s story highlights how young Nigerians, in search of employment, unknowingly found themselves trapped in illegal activities, now facing uncertain futures.
The EFCC has emphasized the need to address the root causes of such crimes and is collaborating with international agencies to prosecute all involved. With the sheer scale of the operation, the EFCC aims to send a strong message about Nigeria’s commitment to combating cybercrime. This significant bust underscores the dangers of fraudulent schemes and the importance of staying vigilant to avoid falling victim to such crimes.
