Interpol Joins EFCC Probe Into N1.3tn CBEX Investment Scam
The Economic and Financial Crimes Commission (EFCC) has launched a joint investigation with INTERPOL into the alleged N1.3 trillion fraud involving digital investment platform CryptoBank Exchange (CBEX), which recently collapsed, leaving thousands of investors stranded.
EFCC spokesman Dele Oyewale confirmed the agency had begun probing CBEX prior to its shutdown and is now pursuing the arrest of both local and foreign operators. The EFCC also revealed ongoing efforts to identify other Ponzi schemes operating nationwide.
The now-defunct CBEX reportedly lured investors with promises of 100% returns in 30 days, then blocked withdrawals and demanded further deposits for “account verification.” Losses are estimated at $847 million.
The Securities and Exchange Commission (SEC) had recently warned against unregistered platforms, stating that operating such services without proper licensing is now a criminal offence under the newly signed Investment and Securities Act, 2025.
The crash sparked outrage, with angry investors raiding CBEX offices in Ibadan. Similar scenes played out in Abuja, where the company’s facility was locked down amid fears of further backlash.
Financial experts have linked the widespread losses to unchecked greed, lack of due diligence, and poor investment education. The EFCC urges victims to come forward, assuring ongoing efforts to recover funds and prosecute offenders.
