The Economic and Financial Crimes Commission (EFCC) has launched a comprehensive investigation into an alleged N1.3 trillion cryptocurrency fraud connected to the now-defunct digital investment platform, CryptoBank Exchange (CBEX).
According to the EFCC, the commission is collaborating with the International Criminal Police Organisation (INTERPOL) to trace local and international suspects involved in the massive scam and get back the monies of those who invested in the scheme.
CBEX, said to have been run by a group of foreign nationals in collaboration with Nigerian partners, abruptly shut down operations on Monday.
The sudden collapse left thousands of investors locked out of their accounts. Many reported waking up to find their account balances wiped, with the platform demanding further deposits before access could be regained.
EFCC spokesperson, Dele Oyewale, revealed that the commission had already begun investigating the platform prior to its collapse, based on credible intelligence reports.
“It would be very irresponsible and unprofessional of the EFCC to say you have lost your money and there is nothing the commission can do about it,” Oyewale said.
“We’re already working with Interpol and international development agencies to ensure that these people are brought to book. Investors are going to get their money back.”
“We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in,” he said on Tuesday.
He assured Nigerians that the EFCC is committed to exposing and dismantling Ponzi schemes like CBEX, highlighting that several similar operations are also under active investigation.
“Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators,” Oyewale added.
