UPDATE: 148 Chinese, 40 Filipinos, Other Nationalities Amongst 792 Cryptocurrency Fraudsters Arrested In Lagos [PHOTOS]

The Economic and Financial Crimes Commission announced it had detained 792 suspects, including 193 foreigners, in a single-day sting operation in Lagos, targeting their involvement in cryptocurrency investment fraud and romance scam syndicates.

EFCC chairman Ola Olukoyede shared this information on Monday at a news conference in Lagos.

Mr. Olukoyede explained that the sting operation took place on December 10, with the suspects apprehended at their hideout. Among those arrested were 148 “Chinese”, 40 “Filipinos”, two “Kharzartans”, one “Pakistani”, and one “Indonesian”.

He revealed that investigations uncovered that the foreign nationals used a seven-story building in Lagos to train their Nigerian accomplices on how to conduct romance and investment scams.

The EFCC boss confirmed that the suspects, arrested during a raid on their hideout on Victoria Island, Lagos, would face trial for their roles in romance, investment scams, and cryptocurrency fraud.

According to him, the arrests highlighted how foreign nationals are exploiting Nigerians to carry out internet scams.

He said, “We also recovered several items from the suspects, including desktop computers, mobile phones, laptop computers, and cars. The suspects have made statements and their systems have been screened.”

“They are currently being held with a valid remand warrant and will be arraigned in court in the coming days. This operation is a significant milestone in the fight against cybercrime and cryptocurrency investment fraud in Nigeria.”

The anti-graft agency also emphasized the importance of continued collaboration between law enforcement agencies and foreign partners to combat crimes.