EFCC launches probe into alleged N1.3tn CBEX fraud, seeks Interpol’s help

The Economic and Financial Crimes Commission (EFCC) has initiated a comprehensive investigation into the alleged massive fraud amounting to N1.3tn linked to the digital investment platform, CryptoBank Exchange, also known as CBEX.

The platform abruptly collapsed on Monday, leaving thousands of investors unable to access their deposited funds. In response, many affected individuals have reportedly besieged the Lagos and Ibadan offices of CBEX, seeking answers and the recovery of their investments.  

According to Oyewale, the EFCC had already initiated intelligence gathering and preliminary investigations into CBEX prior to its sudden collapse. He emphasized the commission’s commitment to ensuring that all individuals involved in the fraudulent scheme, both within Nigeria and internationally, are apprehended and brought to justice.

“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,” Oyewale stated. “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.”

ALSO READ : EU, Nigeria eye increased trade and investment in solid minerals sector

He further assured the public of the EFCC’s active engagement in addressing the CBEX situation. “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.”

Oyewale concluded by outlining the agency’s strategy for apprehending the perpetrators. “We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators,” he affirmed.