CBEX Update: EFCC and Interpol Join Forces to Investigate N1.3 Trillion Cryptocurrency Fraud

In a significant development shaking Nigeria’s financial landscape, the Economic and Financial Crimes Commission (EFCC) has partnered with the International Criminal Police Organization (Interpol) to investigate the alleged N1.3 trillion fraud perpetrated through the now-defunct CryptoBank Exchange (CBEX) platform. This collaboration aims to track down the perpetrators and recover the vast sums lost by unsuspecting investors.​ APAnews – Agence de Presse Africaine+2Vanguard News+2Nairametrics+2

The CBEX Collapse: A Brief Overview

CBEX, a digital investment platform, promised high returns to investors through cryptocurrency trading. However, on April 15, 2025, the platform abruptly ceased operations, leaving thousands of investors unable to access their funds. Reports indicate that the platform was operated by foreign nationals in collaboration with Nigerian partners, and its sudden shutdown has been described as one of the largest Ponzi schemes in the country’s history.​Punch+7The Nation Newspaper+7Punch+7Vanguard News

Victims have recounted harrowing experiences, with some losing their life savings. In Lagos and Ibadan, aggrieved investors stormed CBEX offices, demanding answers and the return of their funds. The EFCC has since assured the public of its commitment to bringing the perpetrators to justice and recovering the stolen assets.​Vanguard News+1Punch+1

EFCC and Interpol’s Collaborative Efforts

Recognizing the transnational nature of the CBEX fraud, the EFCC has enlisted the support of Interpol to aid in the investigation. This partnership underscores the importance of international cooperation in tackling financial crimes that cross borders.​Punch+13Vanguard News+13APAnews – Agence de Presse Africaine+13

Interpol has commended the EFCC for its proactive approach and operational effectiveness in addressing such crimes. The collaboration aims to enhance intelligence sharing, track down suspects globally, and ensure that justice is served. ​Economic and Financial Crimes Commission

Legal Framework: The Investment and Securities Act 2025

The EFCC’s actions are bolstered by the Investment and Securities Act (ISA) 2025, which criminalizes unlicensed digital trading activities. Under this law, any entity engaging in investment operations without proper authorization is subject to prosecution. The EFCC has emphasized its readiness to act against such illegal schemes, ensuring that those responsible for the CBEX fraud are held accountable.​Channels Television+1Punch+1

Steps for Affected Investors

For individuals affected by the CBEX collapse, the EFCC advises the following steps:​Nairametrics+4The Nation Newspaper+4Punch+4

1. Report the Incident: File a complaint with the EFCC, providing all relevant details and documentation related to your investment.​

2. Stay Informed: Keep abreast of updates from official EFCC communications regarding the investigation’s progress.​APAnews – Agence de Presse Africaine

3. Exercise Caution: Be wary of individuals or groups promising to recover lost funds for a fee, as these could be additional scams. ​Nairametrics

Preventing Future Investment Scams

To safeguard against similar fraudulent schemes:

• Verify Legitimacy: Before investing, ensure the platform is registered with the appropriate regulatory bodies.​The Nation Newspaper+1Punch+1

• Be Skeptical of High Returns: Exercise caution with platforms promising unusually high or guaranteed returns.​

• Conduct Due Diligence: Research the company’s history, management team, and user reviews.​

• Consult Professionals: Seek advice from financial advisors or legal professionals before making significant investments.​

Conclusion

The CBEX incident serves as a stark reminder of the risks associated with unregulated investment platforms. However, the swift response by the EFCC, in collaboration with Interpol, offers hope for justice and the recovery of lost funds. Investors are encouraged to remain vigilant and informed, ensuring that future investments are made with due diligence and caution.​ The Nation Newspaper+2Vanguard News+2Punch+2Channels Television