CBEX Ponzi scheme: EFCC gives update on recovery of victims funds

• Funds from the collapsed CBEX strategy person been traced to astatine slightest 4 countries, with astir transactions via foreign-based crypto wallets
• EFCC president Ola Olukoyede said respective accounts person been frozen but afloat betterment of the stolen funds whitethorn not beryllium possible
• He added that the committee is moving with planetary partners and remains committed to keeping Nigerians informed of progress

Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Technology, Banking and the Economy.

The Economic and Financial Crimes Commission (EFCC) has revealed that it has tracked wealth connected to the collapsed CBEX crypto strategy to astatine slightest 4 antithetic countries.

During an interrogation connected Politics Today, a programme connected Channels Television aired connected Wednesday, EFCC president Ola Olukoyede said the committee is moving hard to retrieve the missing funds. However, helium noted that it whitethorn not beryllium imaginable to afloat compensate each affected investors.

EFCC traces CBEX scam funds to 4 countries, speaks connected investors' wealth refund
Source: UGC

Olukoyede explained that respective slope accounts had been identified and frozen, but helium could not disclose the full magnitude recovered truthful far.

He added that astir of the fiscal activities were carried retired utilizing cryptocurrency done wallets extracurricular Nigeria, making betterment much difficult.

The EFCC main said:

“We person traced to three, 4 countries now. In fact, the main parties down the full scheme… astir of them are foreigners, they are not wrong our jurisdiction, and you cognize what that entails."

The EFCC brag admitted that galore of the funds had already been moved beyond the system, making it hard to instrumentality each of it.

He added that it required a batch of accomplishment from the committee to unafraid the frozen assets, and immoderate is recovered volition beryllium made known to Nigerians.

Recall that the EFCC had earlier clarified the certificate that was issued to ST Technologies, which is believed to beryllium associated with the arguable CBEX.

Nigerians scammed via CBEX Ponzi scheme

It would beryllium recalled that successful yet different lawsuit of a Ponzi scheme, investors were near stunned arsenic they discovered the sudden disappearance of their funds invested successful Crypto Bridge Exchange Smart-Treasures (CBEX).

Marketed arsenic an artificial intelligence-powered cryptocurrency trading platform, CBEX promised users the accidental to bargain and merchantability integer assets, guaranteeing "100 per cent returns each month."

Marketed arsenic an artificial intelligence-powered cryptocurrency trading platform, CBEX promised users the accidental to bargain and merchantability integer assets, guaranteeing "100 per cent returns each month."

What was erstwhile advertised arsenic a lucrative concern accidental has present been exposed arsenic a fraudulent scheme.

Three suspects successful EFCC custody

Olukoyede besides revealed that 3 individuals linked to the lawsuit person been arrested and are presently being held successful custody. He said they person provided investigators with important information.

He said:

“We person made arrests. Right now, we person astir 3 radical successful our custody who person made precise utile statements.”

EFCC traces CBEX scam funds to 4 countries, speaks connected investors' wealth refund
Source: Facebook

The EFCC president noted that the committee is afloat dedicated to the probe, staying existent to its committedness to Nigerians.

He added that the bureau has besides reached retired to planetary partners and has begun to marque immoderate advancement done those collaborations.

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Source: Legit.ng