The Economic and Financial Crimes Commission (EFCC), in collaboration with INTERPOL, has initiated a comprehensive investigation into an alleged ₦1.3 trillion fraud perpetrated through the digital investment platform, CryptoBank Exchange (CBEX).
CBEX, which operated without registration or oversight from Nigeria’s Securities and Exchange Commission (SEC), collapsed on April 14, 2025, leaving thousands of investors unable to access their funds.
The platform had promised investors unusually high returns of up to 100% within just 30 days, a red flag and hallmark characteristic of Ponzi schemes.
EFCC spokesperson Dele Oyewale confirmed that the agency had begun probing CBEX prior to its collapse, following intelligence reports.
He stated, “We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in.”
In a bid to trace both local and international perpetrators, Oyewale stated that the anti-graft agency has commenced a joint effort with relevant partners to track down the cyber scammers.
He emphasized the commission’s commitment to exposing and dismantling Ponzi schemes like CBEX, highlighting that several similar operations are also under active investigation.
The spokesperson also reiterated the agency’s warnings against unregistered trading platforms, urging Nigerians to exercise caution before committing funds to any financial entity not duly registered with regulatory bodies.
“Under the Investment and Securities Act, 2025, operating an unregistered digital trading platform is now an offence” he stated.
The collapse of CBEX has triggered widespread public outrage with frustrated investors in Ibadan, Oyo State, storming the company’s office in the Oke Ado area, vandalizing the premises and making away with furniture in protest.
Security personnel, including operatives from the Nigeria Police and Operation Amotekun, were swiftly deployed to bring the situation under control.
As investigations continue, the EFCC and INTERPOL are working diligently to apprehend those responsible and recover the stolen funds.
Nigerians are advised to remain vigilant and verify the legitimacy of investment platforms before committing their resources.
