BREAKING: EFCC Returns Over $120, 000, ₦70 Million to Foreign Victims Defrauded by 'Yahoo Boys'
- The EFCC has refunded $120,548.43 and ₦70,602,841.46 to victims in the U.S., Spain, and Switzerland defrauded by Nigerian scammers
- Victims lost money through online scams, including romance fraud, business deception, and fake investments orchestrated by Nigerian cybercriminals
- The EFCC continues to intensify its fight against online fraud, making arrests, securing convictions, and collaborating with international agencies
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In a decisive move against financial crimes, the Economic and Financial Crimes Commission (EFCC) has returned a total of $120,548.43 and ₦70,602,841.46 to foreign victims who fell prey to Nigerian fraudsters, commonly referred to as 'Yahoo Boys.'
The funds were restituted to victims from the United States, Spain, and Switzerland.
Source: UGC
How the Victims Were Defrauded
Legit.ng gathered that the affected individuals were deceived through various online schemes, including romance scams, business fraud, and fake investment opportunities.
The fraudsters, operating within Nigeria, lured their victims into transferring large sums of money under false pretences, Vanguard reported.
EFCC’s Continued Efforts Against Cybercrime
The EFCC, in a statement via X, reaffirmed its commitment to combating cybercrime, warning individuals engaged in fraudulent activities to desist or face the full wrath of the law.
The EFCC has been ramping up its crackdown on cybercriminals, with multiple arrests and prosecutions recorded in recent months.
Officials also highlighted ongoing collaborations with international law enforcement agencies to curb transnational financial crimes.
The EFCC assured that investigations are ongoing to trace and recover more stolen funds from cyber fraud operations, The Cable reported.
Expert comment on EFCC’s restitution of fraud victims
Source: Twitter
Dr. Samuel Eze, a cybersecurity and financial crime expert, commended the EFCC’s efforts, emphasizing that restitution is a crucial step in restoring trust in Nigeria’s financial system.
"This refund signals progress in the fight against cyber fraud, but it also highlights the global damage caused by online scams originating from Nigeria.
"Beyond arrests, proactive measures such as digital literacy campaigns and stricter financial monitoring are needed to curb these crimes at their roots," he stated.
Eze also stressed the importance of international collaboration in tackling financial fraud.
"Cybercrime is a transnational issue. The EFCC’s coordination with global agencies is commendable, but long-term success depends on improved intelligence sharing and swift legal action against perpetrators," he added.
He urged Nigerian authorities to strengthen regulatory frameworks and digital security infrastructure to prevent future occurrences.
"While restitution is necessary, prevention is even more critical. Strengthening cybersecurity laws, enforcing stricter KYC (Know Your Customer) policies, and educating the public can help minimize the impact of fraud," he concluded.
Lagos court sentences U.S. businessman to 68 years in prison
Legit.ng earlier reported that an American businessman, Marco Antonio Ramirez, has been sentenced to 68 years in prison for orchestrating a $1.6 million visa fraud scheme.
The ruling, delivered by Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, comes after a drawn-out legal battle that involved two separate cases prosecuted by Nigeria’s Economic and Financial Crimes Commission (EFCC).
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Source: Legit.ng
