The Economic and Financial Crimes Commission (EFCC) has confirmed that it has started a full investigation into CBEX fraud. The platform, CryptoBank Exchange (CBEX), reportedly collapsed this week. Its crash allegedly caused over ₦1.3 trillion in investor losses. Now, EFCC investigates CBEX fraud in collaboration with Interpol and other international bodies.
Speaking on the case, EFCC spokesperson Dele Oyewale revealed that the agency had already been monitoring the platform before the crash.
He said, “We’re receiving quite a number of calls from Nigerians from all walks of life.” These calls, he added, came from both victims and concerned citizens. According to him, EFCC’s intelligence network had already profiled CBEX as a potential scam.
ISA 2025 Backs EFCC as It Investigates CBEX Fraud
The EFCC’s investigation into CBEX fraud is backed by the Investment and Securities Act (ISA) 2025. This Act makes it illegal to run any form of digital investment platform without a license. Oyewale explained that the Act gives the EFCC a stronger legal backing. “If you’re involved in some kind of engagement and you’re not licensed… we’ll act accordingly,” he said.
According to EFCC, CBEX was not compliant with Nigeria’s investment regulations. The agency believes that this is a clear violation of the law. Oyewale stated that the EFCC is in constant contact with Interpol and its development partners. Their joint effort aims to track and arrest those behind the CBEX fraud.
CBEX Fraud Promised Fake 100% Return on Investment
A key part of the CBEX fraud investigation is the unrealistic promise of 100% return on investment (ROI). Oyewale warned Nigerians against falling for such schemes. He said it’s not practical for any real business to promise such high returns within 30 days.
He explained, “If somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic.” He added that even banks don’t give that level of profit in such a short time. With the interest rate in Nigeria at 27.5%, any promise of 100% ROI is simply a scam.
The EFCC believes that many Nigerians still fall for Ponzi schemes because they ignore red flags. “There is a need to critically look at some basic indices before going into any investment,” Oyewale said. He urged Nigerians to carry out due diligence and verify licenses before trusting any digital platform.
EFCC Investigates CBEX Fraud With Focus on Investor Protection
The ongoing case where the EFCC investigates CBEX fraud is a warning to all Nigerians. The commission is determined to ensure justice is served. Oyewale stressed that Nigerians must stop trusting platforms that are not regulated. “It is not too good for Nigerians to be falling victim to this kind of arrangement,” he said.
The agency said it would continue to educate the public and issue warnings about illegal investment schemes. With ISA 2025 in place, EFCC says it will not hesitate to arrest and prosecute those involved in similar frauds.
As EFCC investigates CBEX fraud, Nigerians are urged to remain alert and avoid any investment offering unrealistically high profits. The commission vows to protect citizens and recover stolen funds where possible.
