EFCC Vows to Recover N1.3 Trillion Lost to CryptoBank Exchange Fraud (CBEX)
The Economic and Financial Crimes Commission (EFCC) has pledged to recover funds defrauded from investors by the collapsed digital investment platform, CryptoBank Exchange (CBEX). The platform is alleged to have swindled Nigerians out of a staggering N1.3 trillion.
In an appearance on Channels Television’s The Morning Brief, EFCC spokesperson Dele Oyewale highlighted the agency’s proactive measures in addressing such fraudulent schemes, recalling a public warning issued on March 11 by EFCC Executive Chairman Mr. Ola Olukoyede. This warning encompassed a list of 58 suspected Ponzi schemes aimed at protecting the public.
“We’ve been actively monitoring these developments,” Oyewale stated. “We’ve been warning Nigerians about how to safeguard themselves against these sorts of scams. Our efforts are continuous, and we have been working on this issue even before the recent concerns were raised.”
Oyewale clarified that CBEX is a foreign entity that operates solely online and lacks legal standing in Nigeria. He noted that the offices reportedly located in various cities, including Ibadan, are not legitimate operational facilities.
He cautioned potential investors about the unrealistic returns often promised by platforms such as CBEX: “If someone claims they’ll provide huge returns within 30 days, it’s not realistic. The current interest rate in Nigeria is at 27.5%.” He emphasized the necessity for compliance with key legislation, including the Money Laundering Act, the Proceeds of Crime Act, and the Terrorism Financing Act, warning that non-compliance poses significant risks.
The EFCC is also working with international partners to ensure justice for the victims. “We are committed to ensuring that investors get their money back,” Oyewale affirmed. “While it may take some time, we are determined not to let investors lose their funds due to non-compliance. We refuse to accept inaction as a viable
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