N1.3tn Fraud: EFCC, Interpol Begin Manhunt For Operators Of CBEX Trading Platform

…Assures Victims Of Fund Recovery

The Spokesperson for the Economic and Financial Crimes Commission (EFCC), Dele Oyewale, has assured investors of the CBEX digital trading platform that efforts are ongoing to help them retrieve their money.

Oyewale said the agency has been receiving numerous calls from Nigerians seeking solutions regarding the Ponzi scheme, noting that efforts are underway to track the platform.

CBEX, an investment trading platform offering a mouth-watering 100 per cent return on investment, collapsed over the weekend.

The platform received an investment, worth over N1trn after its launch in Nigeria, in July 2024.

According to reports, users initially encountered difficulties with withdrawals before discovering that their account balances had been reduced to zero when access to the platform was suddenly cut off.

The development gained further attention as aggrieved investors took to the microblogging site X to express their frustrations and solicit help.

An aggrieved victim and X user identified as @BlessedAjoke wrote, “CBEX has crashed. All money gone. Dear God, you are the only one that can help. Help me heavenly father, Do not forsake me.”

“My head hurts. How will I survive this dear God, Everything is gone, Just like that,” she wailed.

Speaking on Channels TV’s Morning Brief, Oyewale said that before the recent outcry and calls, the EFCC had profiled the platform and alerted Nigerians about potential Ponzi schemes.

“We were not waiting for Nigerians to call us before we started our work. Of course, we have been working.

“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.

“We were tracking it, and we profiled several things concerning the platform. You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians,” Oyewale said.

He recalled that about 58 Ponzi scheme companies were listed by the commission in March for Nigerians to be wary of.

“That shows that we are proactive and we have our hands on what is happening. So, concerning this investigation, we were on it, it’s not that we didn’t know.

“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.

“Before the calls came, we were working, while the calls are coming, we are working; and even after the calls, we are still working.

“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that,” he said.

Oyewale further assured investors that their money will be recovered, though it may take time.

“No, it will be very irresponsible and unprofessional if the EFCC says that you have lost your money; there is nothing the commission can do about it.

“We are already working with Interpol and our international development agencies to ensure that these people are brought to book.

“Investors are going to get their money back, and we are already working on that. Everything I’m saying is that this kind of thing could have been averted.

“Be it as it may, it was not averted, we are not going to throw our hands out helplessly and say that there’s nothing EFCC can do about it.

“We are more responsible and professional than that. We have spread out our wings by talking to Interpol and the necessary agencies across the world to be able to bring all the actors to book, and investors will have their money back,” the spokesperson said.

Oyewale said the investments might not be recovered in the short term, but the EFCC will not allow investors to lose their money.

N1.3tn Fraud: EFCC, Interpol Begin Manhunt For Operators Of CBEX Trading Platform is first published on The Whistler Newspaper