Nigerian law enforcement has arrested 53 individuals involved in a sophisticated global crypto scam. The operation, which spanned multiple countries, resulted in the seizure of $200,000 and exposure of $3 million in illicit transactions. The investigation revealed advanced technology infrastructure and significant identity theft instances. This case highlights the need for collaborative international efforts against cybercrime.
Nigerian authorities have exposed a sophisticated global crypto scam during a cybercrime raid in Lagos, resulting in the arrest of 53 individuals from various countries. This operation, one of the largest in West Africa this year, included 29 Chinese nationals and individuals from the Philippines, Malaysia, Indonesia, and Pakistan, highlighting the international nature of the fraud.
The investigation uncovered significant financial activities, with authorities seizing around $200,000 in assets connected to the network, which allegedly handled over $3 million in illicit transactions through Genting International Co. Ltd. Bank records revealed over N2.26 billion of suspicious transactions occurring between April and December 2024 via a Union Bank account.
As part of “Eagle Flush Mission”, the Economic and Financial Crime Commission (EFCC) seized an operational hub with advanced technology, including numerous computers, cell phones, tablets, and approximately 500 Nigerian SIM cards. Vehicles used in operations were also recovered, indicating a large-scale, organized effort to defraud victims globally.
The complexity of the scam extended to identity theft, with cases like a Chinese national impersonating a 28-year-old American woman named “Lina” to deceive victims. Collaborations with local cryptocurrency vendors facilitated peer-to-peer trading in USDT (Tether) and led to significant transactions amounting to $2.39 million handled by two suppliers from the syndicate.
This high-profile case marks a significant development in the global fight against crypto-related crimes. Charges against the suspects include cyberterrorism, impersonation, and identity theft. The scale of the operation points to a vast network extending beyond Nigeria, suggesting a stronger capacity for African law enforcement to tackle complex financial crimes effectively.
The arrests send a clear message to foreign cybercriminals that African nations can serve as active participants in combating digital fraud. As cryptocurrency adoption increases globally, Nigeria’s proactive measures may inspire international coalitions aimed at curbing financial crimes in the digital realm.
Nigerian law enforcement has increasingly prioritized tackling cybercrime, especially regarding cryptocurrency scams which represent a significant threat given the anonymity and international reach of digital currencies. Authorities recognize that such scams are growing, requiring coordinated efforts and advanced technological measures to combat them effectively. The Nigerian Economic and Financial Crimes Commission (EFCC) has taken a leading role in these initiatives, reflecting a broader commitment to enhancing the country’s capacity to address sophisticated financial crimes.
The recent crackdown on the global crypto scam in Nigeria demonstrates a critical advancement in the fight against financial fraud. The extensive network and the diverse nationalities involved underline the need for comprehensive and collaborative international efforts. Moreover, this case highlights Nigeria’s evolving role as a significant player in the global campaign against cybercrime, sending a strong warning to foreign syndicates operating in Africa.
Original Source: bitcoinist.com
