The Economic and Financial Crimes Commission (EFCC) declared a foreign national wanted in connection with a gargantuan investment fraud scam involving CBEX, an unregistered investment scam that was reported to have defrauded more than ₦1.3 trillion from unsuspecting Nigerians.
The suspect, who is alleged to be the mastermind behind the scam, was able to flee the country shortly before investigations began gaining steam, EFCC officials claim. The commission further states that it has put out a red notice through INTERPOL to find and arrest the suspect anywhere in the world.
CBEX, which operated in most Nigerian cities, lured investors with promises of great profits through forex and crypto trade. The victims were told their funds were being invested in high-yielding portfolios. But after it had raised billions of naira, the platform suddenly shut down, leaving thousands of investors in limbo.
Flash back to October 2023, when EFCC also apprehended high-ranking Nigerian associates of the firm during Lagos and Port Harcourt raids. And then over 30 luxury vehicles, some laptops, and records of transactions were taken away. But the foreign suspect had allegedly gone into hiding weeks prior to the crackdown.
EFCC spokesmen reported that the looting of money recovery and trials of the already arrested persons are ongoing. They have also summoned Nigerians who invested in CBEX to present evidence of payment and other relevant documents to help in the investigations.
The people have also been warned by the authorities against being attracted by shiny online investment prospects, especially those promising unrealistic returns. The EFCC continues to work together with foreign financial intelligence bodies in monitoring funds that may have been laundered through foreign accounts.
With pressure piling on, the commission assures that it will not rest until the foreign suspect is arrested and brought to justice and compensation is issued to victims of the largest investment scam Nigeria has seen in recent history.
