EFCC to Join Hands with INTERPOL in Investigating Alleged N1.3tn CBEX Fraud
- The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the alleged N1.3tn fraud perpetrated through the collapsed digital investment platform, CBEX
- Thousands of investors have been left stranded, unable to access their funds, as authorities work to track both local and international operators behind the scheme
- In response to the growing concerns, the Securities and Exchange Commission (SEC) has reaffirmed its stance against unregistered trading platforms, urging Nigerians to avoid Ponzi schemes
The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the alleged N1.3tn fraud linked to the digital investment platform CryptoBank Exchange (CBEX).
The platform, operated by a group of foreign nationals and their Nigerian partners, collapsed on April 14, leaving thousands of investors unable to access their funds.
Source: Getty Images
The EFCC spokesman, Dele Oyewale, confirmed that the agency had begun probing CBEX before its collapse and would collaborate with INTERPOL to track down those responsible.
CBEX investors struggle to recover funds
According to PUNCH, reports indicate that affected investors lost approximately $847 million in USDT, with the figure expected to rise. CBEX had promised 100 per cent returns within 30 days, but restricted withdrawals on April 9, 2025.
Investors were shocked when their account balances were wiped out, with the platform demanding additional deposits of up to $200 for verification before withdrawals.
CBEX had repeatedly changed its domain name between 2024 and early 2025, raising suspicions about its legitimacy.
CBEX: SEC warns against unregistered trading platforms
In response to the CBEX crash, the Securities and Exchange Commission (SEC) reiterated its stance on unregistered forex trading platforms.
Under the Investment and Securities Act, 2025, signed by President Bola Tinubu, operating an unregistered digital trading platform is now an offence.
SEC Director-General Dr. Emomotimi Agama stated that the new law aims to enhance investor protection and market transparency, urging businesses to seek proper registration.
Nationwide outrage over CBEX collapse
The CBEX collapse has triggered outrage, with frustrated investors storming the company’s offices in Ibadan and Abuja.
Security forces, including the Nigeria Police Force and Operation Amotekun, were deployed to prevent unrest as investors demanded answers. Many victims expressed their distress, with some losing thousands of dollars in the fraudulent scheme.
Statement from EFCC
“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,” he added.
Source: UGC
Can Nigerians still withdraw their money on CBEX?
Legit.ng earlier reported that Nigerians have taken to social media to lament the collapse of CBEX, a digital asset trading platform that reportedly wiped over N1.3 trillion from investors’ accounts.
The platform crashed on April 14, causing funds in user wallets to vanish. According to PUNCH: CBEX subsequently locked its Telegram channels, postponed withdrawals, and offered investors a verification option—$2,000 for $200 verification and $1,000 for $100 verification—raising suspicions about its operations.
Cryptocurrency expert Taiwo Owolabi, analysing the crash on X space, revealed that stolen funds, amounting to $847 million in USDT, had been transferred to a TRX address and were likely to increase. Owolabi stressed that CBEX was not a licensed platform, noting its website had been designed to mimic legitimate trading sites like ByBit.
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Source: Legit.ng
