EFCC probes N1.3tn crypto investment fraud

The Economic and Financial Crimes Commission, EFCC,has launched a probe into a N1.3tn fraud linked to a digital investment platform, CBEX.

CryptoBank Exchange, also known as CBEX, reportedly shut down on Monday, leaving thousands of investors unable to access their funds. The platform, operated by foreign nationals and Nigerian partners, had promised 100 per cent returns in 30 days through online trading.

EFCC spokesperson Dele Oyewale confirmed that the agency was already investigating CBEX prior to the collapse. He said the commission would work with INTERPOL to trace the international operators behind the scheme.

“We had our intelligence before the incident. The major actors and their collaborators will be brought in,” he said.

He added that the EFCC would collaborate with regulatory bodies to expose and dismantle similar Ponzi schemes across the country. Oyewale stressed that efforts would be made to ensure recoveries where possible and prosecute offenders.

Unverified reports suggest investors may have lost $847 million in USDT, with the figure potentially rising. The platform had restricted withdrawals on April 9, 2025, and later demanded additional deposits to unlock accounts, prompting concerns from users.

READ ALSO: CBEX trading crash sparks chaos in Ibadan

Before shutting down, CBEX changed its domain name multiple times between January 2024 and February 2025, while aggressively promoting its services on social media.

The Securities and Exchange Commission recently warned the public against investing in unregistered digital platforms. The commission stated that under the new Investment and Securities Act 2025, operating online trading platforms without registration is illegal.

CBEX’s crash sparked outrage in several cities. In Ibadan, angry investors stormed the firm’s office, seizing furniture and equipment. Security operatives were deployed to restore order.

In Abuja, the firm’s office in Jahi was locked down. A private guard said staff had stayed away for fear of attack.

Investigations are ongoing, and regulatory agencies have urged Nigerians to verify the legitimacy of financial platforms before investing.

Punch