The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into an alleged N1.3 trillion fraud linked to the now-defunct digital investment platform, CryptoBank Exchange (CBEX). Interpol has joined the EFCC in this probe, aiming to trace both local and international operators involved in the scheme.
CBEX, operated by foreign nationals in collaboration with Nigerians, collapsed on Monday, leaving thousands of investors unable to access their funds. The platform had promised 100% returns within 30 days through online trading. Before its collapse, CBEX began restricting withdrawals and demanded additional deposits from users to verify their accounts.
EFCC spokesperson Dele Oyewale stated that the commission had already begun investigating CBEX prior to its collapse, following intelligence reports. He assured that efforts are underway to apprehend both local collaborators and foreign operators behind the fraudulent scheme.
The Securities and Exchange Commission (SEC) has also warned against unregistered trading platforms, emphasizing that operating such platforms without proper licensing is now illegal under the new Investment and Securities Act, 2025.
In response to the collapse, aggrieved investors in Ibadan, Oyo State, stormed the CBEX office in Oke Ado, vandalizing the premises. Security forces, including the Nigeria Police and Operation Amotekun, were deployed to restore order.
The EFCC has reiterated its commitment to exposing and dismantling Ponzi schemes like CBEX and is actively investigating similar operations across the country.
