The Economic and Financial Crimes Commission (EFCC) has arrested 120 suspected internet fraudsters in Lagos, including 95 men and 25 women, following a coordinated operation on May 19, 2025. The arrests came after credible intelligence and surveillance linked the suspects to internet-related fraud activities.
During the operation, EFCC operatives seized 26 exotic cars, expensive jewelry, smartphones, laptops, and several incriminating documents. The suspects are currently under further investigation and will be arraigned in court once the probe is complete.
Earlier this year, the commission arrested 133 individuals connected to a Ponzi Scheme Academy in Abuja and 28 alleged Ponzi scheme operators in Minna, Niger State.
These actions follow the passage of the Investments and Securities Repeal and Re-enactment Bill, 2024, which imposes harsher penalties, including up to 10 years in prison and hefty fines, for operators of Ponzi schemes and related fraudulent activities.
