Wednesday, April 16, 2025 - The Economic and Financial Crimes Commission (EFCC) says it has begun an investigation into the alleged N1.3tn fraud perpetrated through a digital investment platform, CryptoBank Exchange, known as CBEX.
CBEX collapsed on Monday, April 14, leaving thousands of
investors heartbroken as they were unable to access their funds, with many of
them besieging the Lagos and Ibadan offices of the platform.
Reacting to this development, EFCC spokesman, Dele Oyewale,
stated that the anti-graft agency would join forces with the International
Criminal Police Organisation to probe the incident. According to Oyewale, an
investigation into CBEX had already been launched before its collapse.
He added that the commission is working to ensure that both
the local and international operators behind the fraudulent scheme are
apprehended.
“We had our
intelligence before the incident. We were already working on it, but now that
the scheme has collapsed, the major actors and their collaborators will be
brought in.
We will
ensure that we save Nigerians from all these troubles associated with Ponzi
schemes. Don’t forget that we already issued an advisory — the 58 companies we
alerted the public about. There are many more we are currently investigating.
We are
actively working to handle the CBEX situation. We will collaborate with other
regulatory agencies to ensure that Nigerians are protected from this kind of
scheme.
We will do
our job—where recovery is possible, we will recover; where prosecution is
possible, we will prosecute. Overall, we will do our best. Additionally, there
are similar frauds across the country that people are unaware of, and we are
working to uncover them.
We are on
the local collaborators while we are partnering INTERPOL to trace the foreign
operators” Oyewale said
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