The Economic and Financial Crimes Commission (EFCC) has announced the launch of an investigation into an alleged N1.3 trillion fraud linked to CryptoBank Exchange (CBEX), a digital investment platform.
CBEX reportedly collapsed on Monday, April 14, leaving thousands of investors devastated and unable to access their funds. In the aftermath, many affected individuals gathered at the platform’s offices in Lagos and Ibadan, seeking answers.
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In response, EFCC spokesperson Dele Oyewale revealed that the agency had already begun probing the platform before its collapse. He also confirmed that the EFCC is collaborating with the International Criminal Police Organisation (INTERPOL) to investigate the matter further, with efforts underway to track down both local and international individuals involved in the scheme.
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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.
We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory — the 58 companies we alerted the public about. There are many more we are currently investigating.
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 said
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