The Nigerian Economic and Financial Crimes Commission (EFCC) detained 792 persons suspected of being involved in a crypto romance fraud, principally operating in Lagos. On December 10, the EFCC made the arrests as part of a larger operation targeting a suspected hub of the scam, a building. 148 of those arrested were Chinese nationals, while 40 were from the Philippines.
According to EFCC officials, the scheme, known as “pig butchering,” involved Nigerian operatives working alongside foreign criminals to lure victims through social media. The local accomplices would build trust with potential victims, primarily from the U.S., Canada, Mexico, and Europe, before handing them over to foreign leaders, who would then execute the fraud, convincing them to invest in fake cryptocurrency ventures.
During the raid, agents discovered hundreds of SIM cards in the building, which resembled a corporate office, equipped with high-tech computers. Many of the scammers used foreign phone numbers, mainly from Germany and Italy, to carry out their operations. The scheme is thought to have defrauded numerous individuals globally, although the exact amount stolen has not yet been disclosed.
Experts believe that Chinese crime syndicates are expanding their operations into regions with weaker cybersecurity enforcement, including Africa, the Middle East, and Eastern Europe. These groups provide technology and financial backing to local scammers, enabling them to run more sophisticated fraud operations. Some workers in Nigeria reportedly earned up to $500 per month, which is ten times the country’s minimum wage.
This recent crackdown highlights the growing problem of crypto scams, with experts noting that such schemes are becoming more common due to their faster returns compared to traditional Ponzi schemes. In collaboration with international partners, the EFCC is advancing its investigation to ascertain the entire scope of the operation and its potential connection to larger organized crime networks.
