The Economic and Financial Crimes Commission (EFCC), in partnership with the International Criminal Police Organisation (Interpol), has initiated a high-level investigation into the alleged N1.3 trillion fraud involving CryptoBank Exchange (CBEX), a now-defunct digital investment platform.
Operated by foreign nationals alongside Nigerian collaborators, CBEX collapsed on April 9, 2025, leaving thousands of investors unable to access their funds.
According to EFCC spokesman Dele Oyewale, the Commission had begun investigating CBEX before its shutdown and is now working with Interpol to apprehend those behind the scheme. The platform, which falsely promised 100% returns within 30 days, abruptly wiped investor balances and demanded additional deposits for withdrawal access, raising further suspicion.
Oyewale emphasized EFCC’s commitment to both prosecution and possible asset recovery, while warning Nigerians to stay alert against Ponzi schemes. He noted that CBEX is one of over 58 suspicious platforms flagged for investigation, with more currently under EFCC’s radar.