The Economic and Financial Crimes Commission (EFCC) has declared a foreign national, Elie Bitar, wanted for allegedly masterminding a cryptocurrency investment fraud involving the online trading platform Crypto Bridge Exchange (CBEX). Bitar, a 41-year-old male, is believed to have played a central role in orchestrating a large-scale scam that targeted Nigerian investors with promises of high returns from crypto investments.
According to the EFCC, CBEX operated under the guise of a legitimate crypto trading and investment platform but was, in reality, a fraudulent scheme. Thousands of unsuspecting investors were lured into the platform, enticed by the promise of quick and substantial profits. However, after attracting significant funds—reportedly over $1 billion—the platform collapsed, leaving many victims without recourse or returns.
Elie Bitar, whose last known address is in Lekki Phase 1, Lagos State, is the ninth suspect declared wanted in connection with the CBEX fraud case. Prior to this, the EFCC had listed eight Nigerian nationals as persons of interest. Authorities believe Bitar fled the country as investigations began to close in, and they are now soliciting public assistance in locating him.
The anti-graft agency has issued a public notice urging anyone with credible information on Bitar’s whereabouts to come forward. Tips can be shared through any of the EFCC’s zonal offices, or via the agency’s hotline and official email. The EFCC emphasized the importance of public cooperation in bringing perpetrators of financial crimes to justice, especially in cases of cross-border scams.
This incident highlights the growing threat of cyber-enabled financial fraud in Nigeria, particularly in the unregulated cryptocurrency sector. It serves as a warning to potential investors to exercise due diligence and skepticism before committing funds to online investment schemes, especially those promising unusually high returns. The EFCC continues to investigate the CBEX case with a view to recovering stolen funds and prosecuting all involved parties.
