The Economic and Financial Crimes Commission (EFCC) has teamed up with Interpol to investigate an alleged N1.3 trillion fraud linked to CryptoBank Exchange (CBEX), a digital investment platform.
CBEX, which was operated by a group of foreign nationals alongside Nigerian partners, reportedly crashed earlier this week. Thousands of investors were left stranded, unable to access their funds. The EFCC had already launched an investigation before the platform collapsed.
Authorities are working to identify and arrest both local and international suspects involved in the scheme. With Interpol’s support, efforts are underway to track down the foreign operators behind the alleged scam.
The Securities and Exchange Commission (SEC) has also stepped in, warning the public against investing in unregistered financial platforms. The commission also cautioned social media influencers and promoters who endorse such schemes, saying they could be held responsible for misleading the public.
The CBEX case has sparked outrage among victims, many of whom are demanding that the authorities recover their money and ensure those responsible are brought to justice.
Investigations are still ongoing as law enforcement agencies continue to gather more evidence and pursue leads across borders.
