Crypto Fraud Alert: Nigeria Unmasks Global Scam, 53 Charged

Nigerian law enforcement has uncovered a sophisticated global crypto scam operation in Lagos during a general cybercrime raid.

One of the most coordinated activities against crypto fraud in West Africa this year, the recent raid resulted in the arrest of 53 people from different nationalities.

Among those arrested were 29 Chinese nationals, forming the majority of the suspects, alongside citizens from the Philippines, Malaysia, Indonesia, and Pakistan.

Massive Financial Network Uncovered

The investigation revealed a staggering web of financial transactions, with authorities seizing assets worth $200,000. The network allegedly handled over $3 million in illicit money via Genting International Co. Ltd. their registered firm.

Even more concerning are bank records indicating transactions between April and December 2024 of over N2.26 billion passing through a single Union Bank account.

The suspected members of the crypto scam operation. Image credit: EFCC.

Digital Arsenal And Infrastructure Seized

The “Eagle Flush Mission” of the Economic and Financial Crime Commission found a large operational base furnished with advanced technologies.

Along with a sizable stockpile of computers, cell phones, and tablets, investigators seized around 500 Nigerian SIM cards.

Nestled amid the bustling city of Lagos, the group’s offices also housed several cars utilized in daily operations. This discovery emphasizes the industrial scope of their deception, aimed at victims from different continents.

Complex Network Of Fraud And Identity Theft

According to the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), among the more intriguing stories is that of a Chinese national who supposedly passed for a 28-year-old American lady called “Lina,” tricking naive victims.

The complexity of the operation included agreements with nearby cryptocurrency sellers, who enabled peer-to–peer USDT (Tether) trading. Two such suppliers—Chukwuemeka Okeke and Alhassan Aminu Garbo—admitted handling USDT transactions totaling $2.39 million for the syndicate.

International Implications And Future Impact

In the global campaign against crypto-related crimes, the arrests mark a major turning point. Among the other counts the defendants must answer are cyberterrorism, impersonation, and identity theft.

Beyond a local triumph, this case shows how African law enforcement’s capacity is developing to combat advanced financial crimes. The 792 people involved in illegal financial transfers via P2P exchanges point to a large network that could be spanning much beyond Nigeria’s boundaries.

For foreign cybercrime syndicates who see African countries as safe havens for their activities, this case delivers a strong message. As acceptance of cryptocurrencies rises around the world, this latest operation by Nigerian authorities could act as a model for the coming international collaboration against digital financial crimes.

Featured image from CNN, chart from TradingView