The EFCC cautions against overseas syndicates hiring young Nigerians for cryptocurrency fraud, according to news.download - 2025-02-27T051342.824.jpeg Foreign syndicates are enlisting young Nigerians for cryptocurrency fraud, the EFCC warns. authored by Israel Ojoko Twenty seconds ago Young Nigerians are being lured into cryptocurrency fraud by organized overseas syndicates, which has alarmed the Economic and Financial Crimes Commission (EFCC). These syndicates are setting up cells in Nigerian cities and enlisting young Nigerians in major organized cybercrimes, according to EFCC Chairman Ola Olukoyede. In Abuja on Wednesday, Olukoyede revealed this information to attendees of the National Institute for Security Studies' (NISS) Executive Intelligence Management Course (EIMC) 18, which was facilitated by Hyginus Ngele, Director of Studies The recent discovery that organized international fraud syndicates are setting up cells in Nigerian cities and enlisting young Nigerians in major organized cybercrimes, such as cryptocurrency fraud, is another aspect that is not given enough attention, he said. According to Olukoyede, the commission detained 194 foreign nationals, some of whom had legal visas.In the special operations we carried out in Lagos recently, we arrested 194 foreigners in the heart of Victoria Island. One hundred and ninety-four of them, Chinese, Filipinos, Eastern Europeans, Tunisians, and the like, were in one building at a time. Some of them don't even have valid visas, and most of the financial activities they carried out were through cryptocurrency," he added.Ex-convicts He further disclosed that some of the arrested foreign nationals were already ex-convicts in their respective countries."Some of the foreigners we arrested were already ex-convicts in their countries. They have been convicted and escaped from their countries, finding safe haven in Africa, not only Nigeria. We discovered they are also developing cells in other African countries through our investigations," he explained.News continues after this ad
The EFCC Chairman called for concerted efforts at both national and continental levels to combat the menace of internet fraudsters, stressing that the money laundering and national security dimensions of the presence of foreign organized crime groups demand close scrutiny."All security, intelligence, and law enforcement organizations in Nigeria and indeed Africa must close ranks in dealing with this challenge," he emphasized.What you should know Last Friday, the EFCC arraigned 17 Chinese nationals and a company, Genting International Co. Ltd, before Justice Musa Kakaki and Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos, on charges of alleged crypto fraud and other offences.- The individuals arraigned on February 21, 2025, include Mao Bu Yi, Li Xiang Long, Dai Li, Yu Hai Qing, Jia Yang, and Jia Zhi.
- Others are Hao Tao Kun, Liu Chuang, Zhao Xiao Liang, Ziao Zi Cheng, Zhang San Feng, Li Zhong Chan, Chen Gui Ping, Su Jan Fu, Su Zong Gen, Wang Jie, and Zeng Zerong.
They are among the 792 suspects involved in cryptocurrency investment and romance fraud, arrested during the EFCC's "Eagle Flush Operation" on December 10, 2024.[attachment deleted by admin]