The Economic and Financial Crimes Commission (EFCC) has partnered with the International Criminal Police Organisation (Interpol) to investigate the alleged ₦1.3 trillion fraud linked to the now-defunct digital trading platform, CryptoBank Exchange (CBEX).
This collaboration aims to track down both local and international operators behind the scheme.
Key Details:
- CBEX Collapse: The platform, operated by foreign nationals in collaboration with Nigerian partners, abruptly crashed on April 14, 2025, leaving thousands of investors unable to access their funds. Many accounts were wiped clean, with users being asked to deposit additional funds for “verification” before withdrawals.
- EFCC’s Actions: The EFCC had already begun investigating CBEX before its collapse, following intelligence reports. Efforts are underway to apprehend those responsible and recover stolen funds where possible.
- Interpol’s Role: Interpol is assisting in tracing the foreign operators involved in the scheme, as part of a broader crackdown on fraudulent digital investment platforms.
- Public Advisory: The EFCC has reiterated warnings against unregistered trading platforms and Ponzi schemes, urging Nigerians to verify investment opportunities with regulatory bodies like the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
vdf0bo