EFCC arrests 120 alleged internet fraudsters in Lagos, seizes 26 exotic cars 

Operatives of the Lagos Zonal Directorate 1 of the EFCC facilitated the arrest, according to a statement by the Commission on Monday.

The suspects were said to be arrested on Monday, May 19, 2025, following credible intelligence and thorough surveillance regarding their alleged involvement in internet-related fraud.

The EFCC disclosed that items recovered during the coordinated operation include 26 exotic cars and expensive jewelries, smartphones, laptops, and several incriminating documents.

Recall that operatives of the Economic and Financial Crimes Commission, EFCC, had on March 24, 2025, arrested 133 suspects, after busting a Ponzi Scheme Academy in Abuja, hinting at their arraignment.

According to the Commission, the suspects were arrested at the Compensation Layout in the Gwagwalada area of the Federal Capital Territory, FCT,  Abuja, following actionable intelligence on the existence of the Academy.

The EFCC had disclosed that it carried out the operation in collaboration with officers and men of the 176 Guards Battalion, Nigerian Army.

The development is happening about months after the EFCC disclosed the arrest of 28 alleged Ponzi scheme operators in Minna, Niger State.

The bill proposed by the Nigerian SEC under Mr. Emomotimi Agama proposed a 10-year jail term for convicted Ponzi scheme operators and about $12,000 (20 million) in fines.

It was sponsored by Senator Bamidele Opeyemi and co-sponsored by Izunaso.