By Abiola Olawale
The Economic and Financial Crimes Commission(EFCC), along with INTERPOL, have both launched an investigation into the collapsed online digital trading platform, CBEX.
The platform has come under scrutiny following allegations of misappropriation abd stealing of investors’ funds totalling about N1.3 trillion.
The spokesperson of EFCC, Dele Oyewale, made this disclosure while speaking with the press.
Oyewale revealed that the anti-graft agency has already commenced an investigation into the scheme before its eventual collapse.
He explained that efforts were underway to arrest both the local and international operators behind the fraudulent scheme.
He disclosed: “We are actively working to handle the CBEX situation. We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme. We will do our job—where recovery is possible, we will recover; where prosecution is possible, we will prosecute.
“Overall, we will do our best. Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering with INTERPOL to trace the foreign operators.”
Oyewale further warned Nigerians to exercise caution before committing funds to any financial entity not duly registered with regulatory bodies.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” the statement added.
This comes as Nigerians across the country expressed their anger following the sudden crash of CBEX.
The platform, which promised a 100% return on investment within 30 days, collapsed on Monday, leaving thousands unable to access their funds and igniting a firestorm of reactions on social media.
The CBEX saga began gaining traction in mid-2024, marketed as a revolutionary trading platform offering staggering returns and referral bonuses.
On Monday, panic erupted as CBEX locked its Telegram channels, suspended withdrawals, and reportedly wiped investors’ account balances to zero.
This development made several individuals take to their social media platforms to lament the fraud.
Social media platforms, particularly X, became a battleground of grief, blame, and frustration.
