Nigerian authorities recently busted a massive international cryptocurrency scam operation in Lagos, arresting 53 people. This is one of the biggest crackdowns on crypto fraud in West Africa this year.
The Gang’s Big Operation
The suspects, including 29 Chinese nationals and others from countries like the Philippines, Malaysia, Indonesia, and Pakistan, ran a sophisticated operation. They allegedly processed over $3 million in dirty money through their company, Genting International Co. Ltd. Investigators found evidence of over N2.26 billion (Nigerian Naira) flowing through a single Union Bank account between April and December 2024. Authorities seized around $200,000 in assets.
High-Tech Setup
The Economic and Financial Crime Commission (EFCC) raided the gang’s Lagos base, seizing a bunch of computers, phones, tablets, and around 500 Nigerian SIM cards. They also found several cars used by the group. It was a pretty well-equipped operation!
Tricky Tactics
The scam involved some clever disguises. For example, one Chinese national pretended to be a 28-year-old American woman named “Lina” to trick victims. The gang also worked with local cryptocurrency sellers to trade Tether (USDT), with two sellers admitting to handling $2.39 million in transactions for the group.
Global Impact
This massive bust is a big win in the fight against global crypto crime. The suspects face charges including cyberterrorism, impersonation, and identity theft. The sheer scale of the operation – involving 792 people and potentially spanning far beyond Nigeria – highlights the growing sophistication of these criminal networks. This case sends a strong message to other criminal syndicates operating in Africa and shows how African law enforcement is stepping up its game in tackling advanced financial crimes. It could also serve as a model for future international cooperation in fighting digital financial crime.
