EFCC collaborates Interpol in N1.3tn CBEX probe

The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into an alleged N1.3 trillion investment scam linked to CryptoBank Exchange (CBEX), a digital platform that abruptly collapsed on Monday, leaving thousands of investors unable to access their funds.

CBEX, which was jointly operated by foreign nationals and their Nigerian partners, is believed to have defrauded investors through promises of high returns before shutting down operations.

The platform reportedly guaranteed 100% returns within 30 days through online trading activities.

Speaking to The Punch on Tuesday, EFCC spokesperson Dele Oyewale confirmed the agency had already begun probing the platform before its collapse and is now working with the International Criminal Police Organisation (INTERPOL) to track down those responsible.

“We had prior intelligence on the platform and were already investigating before it collapsed. Now that the scheme has failed, we are intensifying efforts to apprehend all key players, both local and foreign,” Oyewale stated.

He reaffirmed the EFCC’s commitment to protecting Nigerians from fraudulent investment schemes, noting that CBEX is just one of many under scrutiny.

“We’ve issued warnings about 58 suspicious companies and are investigating many more. This case highlights the need for Nigerians to remain vigilant,” he added.

According to unconfirmed reports, investors may have lost approximately $847 million, with the figure potentially higher due to ongoing assessments.

The platform restricted withdrawals on April 9, 2025, prompting panic among users, many of whom later discovered their account balances had been wiped out.

In a bizarre move, CBEX then asked users to deposit additional funds—$100 or $200 depending on their account balance—under the guise of verification.

Despite warning signs, new users continued to register, believing the restriction was a temporary technical issue. CBEX had also changed its domain multiple times between January 2024 and February 2025, further raising concerns about its legitimacy.

The platform’s collapse follows a recent warning from the Securities and Exchange Commission (SEC), which cautioned the public against using unregistered trading platforms.

Under the newly enacted Investment and Securities Act, 2025, it is now a criminal offence to operate an online forex or trading platform without proper registration.

SEC Director-General Dr. Emomotimi Agama hailed the law as a “landmark reform” aimed at making Nigeria’s capital market more secure and globally aligned.

The EFCC says it is working closely with other regulatory bodies and remains committed to recovering stolen funds where possible and prosecuting all involved.

Agama stated, “The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms.

Read Also: Police, Amotekun take over CBEX office in Oyo amid investor uproar

“By virtue of this act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.

“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions.”

Meanwhile, the platform’s collapse has sparked widespread outrage across the country.

In Ibadan, Oyo State, angry investors stormed the CBEX office in the Oke Ado area, broke into the building, and made away with furniture and office equipment in a display of frustration.

Police officers and operatives of the Western Nigeria Security Network, known as Operation Amotekun, were later deployed to restore order and secure the premises.