The Economic and Financial Crimes Commission (EFCC) has launched an investigation into a suspected N1.3 trillion fraud linked to CryptoBank Exchange (CBEX), a digital investment platform that abruptly shut down on Monday, April 14.
The platform’s sudden collapse has left thousands of investors stranded and unable to access their funds, prompting protests at the company’s offices in Lagos and Ibadan.
In a statement, EFCC spokesperson Dele Oyewale revealed that the commission had already initiated an investigation into CBEX prior to its shutdown. He added that the EFCC is collaborating with the International Criminal Police Organisation (INTERPOL) to track down the masterminds behind the alleged scam.
“We had gathered intelligence before the collapse,” Oyewale stated. “Now that the scheme has crumbled, we are moving in on the key players and their associates. Our aim is to shield Nigerians from the dangers of Ponzi schemes.”
He further noted that the EFCC had earlier warned the public about 58 suspicious companies and is currently investigating more.
“We are committed to addressing the CBEX case and will work with other relevant agencies to ensure justice. Where possible, we will recover funds and prosecute those involved,” he said. “We are pursuing local suspects and have partnered with INTERPOL to locate the international culprits.”
