The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the alleged ₦1.3 trillion fraud carried out via the digital investment platform CryptoBank Exchange (CBEX).
CBEX collapsed on Monday, leaving thousands of investors unable to access their funds. Many investors besieged the Lagos and Ibadan offices after panic set in over missing money.
The controversy centres on a digital investment scheme that promised high returns, only to collapse suddenly.
The incident has raised fears over similar fraudulent schemes targeting ordinary Nigerians, who are left vulnerable in a poorly regulated sector. Investors lost substantial funds, and there are calls for more stringent oversight of digital finance products.
EFCC’s Wades In
The EFCC started probing CBEX even before its collapse. In a statement, the EFCC spokesman, Dele Oyewale, said, “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.”
He continued, “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.”
Oyewale further stated, “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.” He added, “We will do our job—where recovery is possible, we will recover; where prosecution is possible, we will prosecute.”
Concluding, Oyewale said, “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.”
EFCC Partnership With Interpol
The EFCC’s decision to work with INTERPOL will be a big boost in the hunt for fraudsters. This partnership may help trace the foreign operators while local collaborators are being rounded up.
The investigation will review all transactions processed by CBEX and scrutinize the advisory notices previously issued by the EFCC. The agency is also looking into regulatory lapses that allowed the scheme to operate unchecked. Such steps are expected to prevent future frauds of similar scale and protect Nigerians from further losses.
Authorities are now under pressure to bring recovered funds back to defrauded investors and prosecute everyone involved.
The government is coordinating with financial regulatory bodies to tighten oversight on digital investment platforms.
Like 👍, Comment, share this article, and Follow us on our social media handles.
WhatsApp Channel
Telegram Channel
These scammers need to be caught and taught a lesson to deter others. N1.3 trillion is too much! This is wickedness to rob people like this. Omegapro, Earn world, etc all did the same thing. God help us!