EFCC Storms CBEX In High-Stakes Probe Into Shocking ₦1.3 Trillion Fraud

The Economic and Financial Crimes Commission (EFCC) has launched a probe into an alleged ₦1.3 trillion fraud involving CryptoBank Exchange (CBEX)—a digital investment platform that suddenly collapsed on Monday, locking out thousands of investors from accessing their funds.....KINDLY READ THE FULL STORY HERE▶

CBEX, reportedly run by a consortium of foreign nationals in partnership with Nigerian collaborators, is accused of defrauding investors, with losses estimated to exceed $847 million.

The collapse has triggered renewed alarm over the proliferation of fraudulent investment platforms in Nigeria.

EFCC spokesperson Dele Oyewale confirmed to Punch on Tuesday that the agency had already begun investigating CBEX even before the platform’s downfall.

“We had intelligence before the crash and were already working on it. Now that the scheme has collapsed, we’re going after the key players and their accomplices,” Oyewale stated.

He noted that the EFCC is collaborating with the International Criminal Police Organisation (INTERPOL) to track down both local and international suspects involved in the alleged fraud.

Oyewale reiterated the commission’s commitment to protecting Nigerians from Ponzi schemes and referenced a recent advisory warning the public about 58 suspicious investment platforms.

“Our efforts go beyond CBEX. We’re investigating multiple schemes nationwide. Where recovery is possible, we will pursue it. Where prosecution is needed, we’ll follow through,” he added.

He also assured that the EFCC is working closely with relevant regulatory bodies to crack down on fraudulent operations and ensure justice for victims.

CBEX Lured Investors with Huge Returns, Limited Withdrawals

Multiple victims have reported that CBEX promised 100% returns within 30 days through its online trading services, while placing severe restrictions on fund withdrawals—raising suspicions prior to its collapse.