The Economic and Financial Crimes Commission has commenced preliminary investigations into the collapse of digital investment platform Crypto Bank Exchange (CBEX). The platform reportedly defrauded investors of over N1.3 trillion, leaving thousands of investors stranded and unable to access their funds.
The EFCC spokesman, Dele Oyewale, stated that the commission, in collaboration with the International Criminal Police Organization, has begun an investigation to track down Nigerian and foreign suspects involved in the collapse of the digital investment platform Crypto Bank Exchange (CBEX). Oyewale explained that the agency had already begun investigating CBEX before its collapse.
He 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. 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.”
He also revealed that the commission is actively working to identify other Ponzi schemes operating across the country. “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.
He added that, “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 trail of local collaborators, while partnering with INTERPOL to trace the foreign operators.”
Speaking further Oyewale emphasized the need for Nigerians to be more cautious and informed when engaging with investment platforms. He noted that any business promising unusually high returns within a short period, such as 30 days, should raise red flags, as such offers are typically unrealistic and unsustainable.
He also urged the public to always consider the legal framework governing any investment before committing their funds. Despite ongoing awareness campaigns, he expressed concern that many Nigerians continue to fall prey to fraudulent schemes.
