EFCC Crypto Fraud Investigation Probes CBEX N1.3tr Fraud

Editor April 16, 2025Last Updated: April 16, 2025

0 382 2 minutes read

EFCC crypto fraud investigation

The Economic and Financial Crimes Commission (EFCC) has launched a comprehensive EFCC crypto fraud investigation into the suspected ₦1.3 trillion scam involving the collapsed digital investment platform, CryptoBank Exchange (CBEX).

The now-defunct CBEX, which lured thousands of investors with promises of unrealistic returns, suddenly crashed this week, leaving users unable to access their funds. The EFCC confirmed it had already begun investigating the scheme before its abrupt shutdown and is now intensifying efforts in collaboration with the International Criminal Police Organisation (INTERPOL) to bring perpetrators to justice.

EFCC Crypto Fraud Investigation Targets Collapsed CBEX Platform

Speaking on Tuesday, EFCC spokesperson Dele Oyewale stated that intelligence had been gathered long before CBEX’s collapse. “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 said.

He added that the EFCC crypto fraud investigation would also extend to other fraudulent digital investment schemes currently operating under the radar. “There are similar frauds across the country, and we are actively tracking them. We are working on the local collaborators while INTERPOL helps us trace the foreign operators,” he explained.

Ponzi Scheme Alert: Thousands Lose Billions to CBEX Crypto Scam

Unconfirmed reports suggest that the fraudulent platform siphoned off over $847 million, equivalent to about ₦1.3 trillion. Victims, both in Nigeria and abroad, reported waking up to zero balances in their accounts on April 9, 2025. Even more disturbing, CBEX allegedly demanded additional deposits from users to verify their accounts before enabling withdrawals — a classic Ponzi red flag.

The platform had promised 100% returns within 30 days, using online trading as a front for its operations. It was later discovered that CBEX had changed domains multiple times between January 2024 and February 2025 — a move seen as an attempt to elude regulatory oversight.

EFCC Collaborates with INTERPOL to Track Global Suspects

The EFCC crypto fraud investigation has garnered international attention, especially as CBEX was operated by foreign nationals in collaboration with Nigerians. The EFCC is now working closely with INTERPOL to track these foreign players, while investigations into their Nigerian partners are already in motion.

Meanwhile, the Securities and Exchange Commission (SEC) has reiterated its warning about investing in unlicensed trading platforms. SEC Director-General, Dr. Emomotimi Agama, emphasized that the newly enacted Investment and Securities Act, 2025, makes it illegal to operate or patronize such platforms without regulatory approval.

Public Outrage as CBEX Victims Seek Justice

In the wake of the scam, tension flared in Ibadan, Oyo State, where angry investors stormed the CBEX office located in Oke Ado, vandalizing the premises and carting away office equipment in protest. Law enforcement agents, including the Nigeria Police Force and Operation Amotekun, were deployed to calm the situation.

The EFCC assured the public that justice will be served and that all those involved in the CBEX scheme will be held accountable. Oyewale also warned the public to avoid similar investment traps, as the agency intensifies efforts to clamp down on digital financial crimes.

“This is a high-priority case. We will dismantle all networks behind this scam. Our partnership with INTERPOL will ensure no suspect escapes justice,” Oyewale affirmed.

Hashtags: #EFCCCryptoFraudInvestigation #CBEXScam #PonziAlert #CryptoFraud #NigerianInvestors #EFCC #INTERPOL #DigitalScam #SECWarning #InvestmentFraud