EFCC Launches Investigation Into Alleged ₦1.3 Trillion Fraud By CBEX

The Economic and Financial Crimes Commission (EFCC) has launched an investigation into an alleged ₦1.3 trillion fraud linked to CryptoBank Exchange (CBEX), a digital investment platform that reportedly collapsed on Monday, leaving thousands of investors unable to access their funds.

Naija News reports that the platform, operated by a group of foreign nationals in collaboration with Nigerian partners, has been accused of defrauding investors, with reports suggesting that the total losses could amount to over $847 million.

The collapse has raised concerns about the growing prevalence of fraudulent schemes operating across the country.

EFCC spokesperson, Dele Oyewale, confirmed to Punch on Tuesday that the commission was already investigating CBEX before its collapse.

Oyewale said that the EFCC is working in collaboration with the International Criminal Police Organisation (INTERPOL) to track both local and international operators involved in the fraudulent scheme.

“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 about the 58 companies we alerted the public about. There are many more we are currently investigating,” Oyewale said.

Oyewale also highlighted that the EFCC was not only focused on CBEX but was actively working to uncover other Ponzi schemes operating across the country.

He reassured the public that the commission would work closely with other regulatory bodies to ensure that Nigerians are protected from such fraudulent schemes.

“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 INTERPOL to trace the foreign operators,” he said.

CBEX Promised High Returns And Restricted Withdrawals

Reports from several affected users claim that CBEX promised investors 100% returns within 30 days through online trading.

However, the platform restricted withdrawals on April 9, 2025, leaving many users in shock when they discovered their account balances had been wiped out.

CBEX reportedly demanded that users deposit between $100 to $200 to access their funds, depending on the account balance, leading many to believe it was merely a temporary glitch.

The platform, which had changed its domain name multiple times between January 2024 and February 2025, had been widely promoted on social media, attracting significant investments from Nigerians hoping to capitalise on the promise of high returns.

CBEX’s suspicious activities began with its claims of high returns, drawing in a large number of investors through social media campaigns and peer networks.

The platform initially appeared legitimate, but after restricting withdrawals, users were instructed to pay a verification fee before accessing their funds.

“We require a deposit of $100 for accounts with funds below $1,000 and $200 for accounts exceeding $1,000. Please keep your deposit receipts to prove authenticity during future withdrawal reviews,” a message sent to users read.

As the platform’s operations continued to deteriorate, it became evident that it was a classic Ponzi scheme, with funds from new investors used to pay previous ones.