Abuja, April 24, 2025 — The Economic and Financial Crimes Commission (EFCC) has ramped up its efforts to track down the masterminds behind CBEX, a cryptocurrency investment platform implicated in a staggering $1 billion fraud.
The EFCC’s announcement comes after a thorough investigation revealed that CBEX was running a large-scale Ponzi scheme, tricking investors with promises of high returns that ultimately led to massive financial losses.
In an official statement today, the EFCC confirmed that it had identified several individuals connected to the fraudulent scheme and issued arrest warrants. The suspects, who are believed to have fled the country, are accused of siphoning off substantial sums from thousands of Nigerian investors.
“The scale of this scam is unprecedented, and we are determined to bring the perpetrators to justice. These individuals exploited the trust of Nigerians and caused immense financial hardship,” an EFCC representative said.
CBEX’s operators allegedly used a sophisticated web of transactions to mask the true nature of their operations, all while convincing unsuspecting investors to deposit funds into the platform under the guise of lucrative cryptocurrency returns.
The scam has sparked widespread outrage, with many Nigerians demanding that the authorities take swift action. Victims, some of whom invested their life savings, have called for accountability and compensation for their losses.
The EFCC has also issued a public warning to Nigerians about the risks of investing in unregulated online platforms, urging investors to exercise caution and report any suspicious activity.
As the manhunt for the CBEX promoters continues, the EFCC has pledged to work closely with international law enforcement to track down the suspects and recover the stolen funds. The commission is asking anyone with information on the whereabouts of the suspects to come forward and assist with the investigation.
