EFCC Arrests 148 Chinese, 40 Filipinos, and Others in Lagos Over Major Cryptocurrency Fraud
In a major crackdown on financial crimes, Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested 148 Chinese nationals, 40 Filipinos, and several other foreign nationals in connection with a widespread cryptocurrency fraud operation in Lagos. The arrests were made following intelligence-led investigations and surveillance over the past several months. The suspects were reportedly involved in an elaborate scheme that defrauded unsuspecting victims through various digital currency platforms.
According to EFCC officials, the fraudulent operation exploited loopholes in cryptocurrency trading to siphon funds, targeting both local and international victims. The commission seized numerous electronic devices, including laptops, mobile phones, and hard drives, believed to contain evidence of illicit financial transactions. Additionally, several bank accounts linked to the suspects have been frozen as part of the investigation.
Speaking on the development, EFCC Chairman Ola Olukoyede emphasized that the arrests signal a strong commitment to tackling cybercrime and protecting Nigeria’s financial ecosystem. He noted, “This operation is part of our broader effort to dismantle transnational financial crime networks exploiting technology to defraud people. We are determined to bring all those involved to justice.”
The arrested individuals are expected to face charges ranging from conspiracy to commit fraud, money laundering, and cybercrimes. This latest bust underscores Nigeria’s increasing efforts to combat financial fraud, particularly in the cryptocurrency sector, which has seen a surge in illegal activities worldwide.
The EFCC urged the public to remain vigilant when dealing with cryptocurrency investments and to report suspicious activities to relevant authorities. Further investigations are ongoing, and more arrests may follow as the agency continues its crackdown on financial crimes.
