- N1.3 Trillion Fraud: CBEX digital investment platform collapses, leaving investors unable to access funds.
- EFCC & Interpol Investigation: Joint investigation launched to probe alleged fraud and track down operators.
- Foreign Nationals Involved: CBEX operated by foreign nationals and Nigerian partners.
- Thousands of Investors Affected: Investors unable to access funds after platform collapse.
- Ongoing Probe: EFCC and Interpol working to apprehend culprits and recover lost funds.
The Economic and Financial Crimes Commission (EFCC) has indeed partnered with Interpol to investigate the alleged N1.3 trillion fraud involving CryptoBank Exchange (CBEX), a digital investment and cryptocurrency platform. CBEX, operated by foreign nationals and their Nigerian partners, collapsed on Monday, leaving thousands of investors unable to access their funds.
Investigation Details:
- EFCC’s Role: The EFCC launched its investigation after receiving numerous complaints from investors and will work to apprehend local operators behind the scheme.
- Interpol’s Involvement: Interpol’s expertise will help trace international transactions and track down key individuals who may have fled the country.
- Securities and Exchange Commission (SEC): The SEC has also stepped in, warning social media influencers and promoters against endorsing such fraudulent schemes and emphasizing that they may be held accountable for misleading the public .
Key Developments:
- Ponzi Scheme Allegations: CBEX is suspected of running a large-scale Ponzi scheme that defrauded thousands of Nigerians.
- Arrests and Recovery: The EFCC aims to bring the major actors and their collaborators to justice, recover lost funds where possible, and prosecute those responsible.
- Ongoing Investigation: The investigation is ongoing, with the EFCC working to uncover similar frauds across the country .
