CBEX Scam: EFCC Clears Air, Says It Raised Red Flags Months Ago

• The EFCC has reiterated that it warned Nigerians successful beforehand astir Ponzi schemes earlier the alleged ₦1.3 trillion CryptoBank Exchange (CBEX) collapse
• CBEX, a Chinese-run integer level with nary carnal beingness successful Nigeria, reportedly defrauded thousands by promising unrealistic returns
• EFCC says it had published a database of fraudulent platforms successful March 2024 and advised the nationalist to verify concern compliance with existing laws

The Economic and Financial Crimes Commission (EFCC) has restated its warnings to Nigerians against falling for high-yield concern schemes, pursuing wide choler implicit the illness of integer trading level CryptoBank Exchange (CBEX), which is astatine the centre of an alleged ₦1.3 trillion fraud.

Appearing connected Channels Television’s The Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale said the Commission had repeatedly cautioned the nationalist earlier the CBEX incident, citing efforts to alert Nigerians to the dangers of Ponzi schemes.

EFCC has disclosed that it warned Nigerians from investing successful CBEX from the beginning. Image credit: FB/Official EFCC
Source: Facebook

According to Oyewale:

“In March 2024, the EFCC Chairman, Mr. Ola Olukoyede, directed america to people a database of 58 Ponzi strategy operators to pass the public. That shows we’ve been proactive.”

He noted that CBEX had been connected the Commission’s radar anterior to the nationalist fallout, describing the level arsenic deceptive and lacking immoderate verified operational basal successful Nigeria.

CBEX had nary existent offices anywhere

Oyewale explained that contrary to claims by the company’s promoters, CBEX had nary morganatic bureau successful cities similar Ibadan oregon Lagos.

“We had already been monitoring CBEX, and we’ve continuously advised Nigerians to enactment distant from specified deceptive platforms,” helium said.

EFCC has said it's partnering with Interpol to apprehend the brains down CBEX. Image: CBEX
Source: UGC

While defending the agency’s response, helium stressed that the EFCC had taken important steps to pass the public.

“We’ve empowered, enlightened, and informed the public. Nigerians indispensable instrumentality work for safeguarding their investments by verifying compliance with applicable laws,” Oyewale added.

He further called attraction to the recently enacted Investment and Securities Act 2025, which present criminalises operations by unlicensed integer trading platforms.

Oyewale warned that concern schemes promising bonzer returns wrong abbreviated timeframes are often fraudulent.

“Any concern promising 100% returns successful 30 days is unrealistic. With Nigeria’s involvement complaint astatine 27.5%, specified offers are wide reddish flags,” helium said.

The EFCC spokesperson besides urged Nigerians to vet immoderate fiscal concern strategy against existing legislation, including the Money Laundering (Prevention and Prohibition) Act, the Proceeds of Crime Act, and the Terrorism Financing Act.

He maintained that platforms operating extracurricular these laws were bound to illness eventually.

“If these platforms are operating extracurricular the bounds of these laws, it’s lone a substance of clip earlier things autumn apart,” helium concluded.

The Commission has assured the nationalist that investigations into the CBEX lawsuit are ongoing, with planetary instrumentality enforcement agencies present progressive successful efforts to hint and apprehend cardinal figures down the alleged scam.

3 fashionable Ponzi Schemes that duped Nigerians

Legit.ng precocious reported that CBEX, a integer concern platform, which promised 100% returns to investors wrong a 30-day clip frame, has reportedly crashed, trapping N1.3 trillion of people's funds and leaving galore Nigerians shattered.

CBEX joins an infamous increasing list of Ponzi schemes that person each operated utilizing the aforesaid modus operandi of offering mouth-watering payouts, paying retired astatine their archetypal stages earlier ending successful calamitous losses.

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Source: Legit.ng