The Economic and Financial Crimes Commission (EFCC) has declared Elie Bitar, a 41-year-old foreign national, wanted in connection with a massive cryptocurrency fraud scheme linked to the unregistered platform, Crypto Bridge Exchange (CBEX).
The anti-graft agency made the announcement on Wednesday via its official social media channels, stating that Bitar is wanted for his alleged role in the promotion and operation of CBEX, which has reportedly defrauded Nigerian investors of over $1 billion.
Though Bitar’s nationality was not disclosed, the EFCC confirmed his last known address as Eng. George Enemoh Crescent, Lekki Phase 1, Lagos State.
Bitar becomes the latest addition to a growing list of suspects associated with CBEX, joining eight Nigerian nationals previously declared wanted by the EFCC. These include: Adefowora Abiodun Olanipekun; Adefowora Oluwanisola; Emmanuel Uko; Seyi Oloyede; Johnson Okiroh Otieno; Israel Mbaluka; Joseph Michiro Kabera and Serah Michiro.
On Monday, Olanipekun voluntarily turned himself in, signaling intensified efforts by the EFCC to bring all culprits to justice.
CBEX presented itself as a high-yield cryptocurrency investment platform promising 100% returns within a month and referral bonuses.
However, the platform had no verified social media presence and was not registered with Nigeria’s Securities and Exchange Commission (SEC).
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Users first raised red flags in April when they encountered issues withdrawing funds. Soon after, a wave of complaints flooded social media, with investors claiming to have lost millions of naira.
The SEC later confirmed CBEX’s unregistered status, validating widespread allegations of fraud. “CBEX was not regulated by the Nigerian SEC and operated in clear violation of the law,” said Dr. David Udoh, a medical practitioner and financial literacy advocate, during a virtual forum.
He blamed CBEX’s traction on systemic issues such as unemployment, poor economic conditions, and a lack of investor education.
In response to the deepening scandal, the Federal High Court in Abuja recently granted the EFCC permission to arrest and detain six of the suspected CBEX promoters. Justice Emeka Nwite issued the order following an ex parte application filed by EFCC counsel, Fadila Yusuf.
The move marks a significant milestone in the agency’s effort to hold perpetrators accountable and prevent future exploitation of Nigerian investors under the guise of cryptocurrency.
In light of the scandal, SEC Director General Emomotimi Agama has renewed warnings against investing in unregistered digital platforms. “We urge Nigerians to verify the regulatory status of any investment platform before committing funds,” Agama said.
As investigations intensify, the EFCC has reiterated its commitment to combating financial crimes in Nigeria’s growing digital economy and has urged members of the public to provide any useful information on Bitar’s whereabouts.