The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster requires in order to obtain the large sum.
If a victim makes the payment, the fraudster either invents a series of further fees for the victim, or simply disappears.
This is the money being stolen from the victim; the victim willingly transfers the money, usually through some irreversible channel such as a wire transfer, and the scammer receives and pockets it.
To help persuade the victim to agree to the deal, the scammer often sends one or more false documents bearing official government stamps, and seals.The details vary, but the usual story is that a person, often a government or bank employee, knows of a large amount of unclaimed money or gold which he cannot access directly, usually because he has no right to it.Such people, who may be real but impersonated people or fictitious characters played by the con artist, could include, for example, the wife or son of a deposed African leader who has amassed a stolen fortune, a bank employee who knows of a terminally ill wealthy person with no relatives, or a wealthy foreigner who deposited money in the bank just before dying in a plane crash (leaving no will or known next of kin), and similar characters.He said he wanted to transfer million to the recipient’s bank account – money that was budgeted but never spent.In exchange for transferring the funds out of Nigeria, the recipient would keep 30% of the total.
They refer to their targets as mugus, slang developed from a Yoruba word meaning "fool".