…Commission releases two suspects, says 19 face prosecution over alleged cryptocurrency, gift card fraud
The Economic and Financial Crimes Commission (EFCC) has defended its early morning raid on Applewood Estate, Orchid Road, Lekki, Lagos, saying the operation targeted suspected internet fraudsters allegedly involved in gift card scams, cryptocurrency fraud and fraudulent international money transfers.
The commission disclosed that 21 suspects were arrested during the operation, which took place at approximately 5am on Monday, October 26, 2026, while five exotic vehicles were recovered.
However, following preliminary investigations, two of those arrested were released, while the remaining 19 were identified for prosecution over their alleged involvement in cybercrime.
In a statement issued on Tuesday, the EFCC’s Head of Media and Publicity, Dele Oyewale, explained that the operation was carried out by operatives of the commission’s Lagos Directorate 1 following intelligence gathering, surveillance and reconnaissance.
According to him, investigators had monitored the activities of suspected fraudsters operating within the estate before moving in to arrest them.
The suspects allegedly impersonated different individuals to deceive unsuspecting victims into transferring money through gift cards, cryptocurrency transactions and international payment channels.
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The EFCC maintained that the operation was intelligence-driven and conducted professionally, dismissing allegations of harassment, intimidation and unlawful arrests.
Oyewale said preliminary investigations had implicated 19 of the suspects, adding that arrangements were being made to arraign them in court.
The commission’s explanation followed questions surrounding the circumstances of the raid on the residential estate, particularly the conduct of its operatives during the early morning operation.
Addressing concerns over the temporary detention of a young woman, the EFCC alleged that she attempted to alert the suspects by making telephone calls while its operatives were carrying out the arrests.
According to the commission, her mobile phone was temporarily confiscated to prevent interference with the operation but was returned after the exercise had been concluded.
The agency insisted that the woman was not unlawfully arrested and maintained that its officers acted within the scope of their responsibilities.
It also rejected suggestions that the operation involved harassment or intimidation of residents.
The EFCC said its intervention was necessary to disrupt suspected criminal activities and protect victims from financial losses.
The commission further expressed concern over the continued involvement of suspected cybercriminals in schemes that exploit digital payment platforms and international financial channels.
It warned that internet fraud and related financial crimes were damaging Nigeria’s international reputation and undermining confidence in legitimate business transactions.
The agency urged Nigerians to support efforts to combat economic and financial crimes, stressing that public cooperation remained essential to identifying and dismantling fraudulent networks.
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While expressing its willingness to engage constructively with members of the public, the commission maintained that it would not allow what it described as blackmail and alarmism to obstruct its statutory responsibilities.
The EFCC said the 19 suspects implicated by its preliminary investigations would be arraigned in court.
The allegations against the suspects remain subject to judicial determination.
