CBEX scam: Foreigner declared wanted over $1 billion crypto fraud, photo, details surface

• The EFCC has declared Elie Bitar, a overseas national, wanted for his alleged engagement successful a cryptocurrency fraud carried retired done Crypto Bridge Exchange (CBEX)
• Bitar is 1 of 8 individuals linked to a fraudulent concern strategy done CBEX, which reportedly scammed investors retired of implicit $1 cardinal crossed Nigeria
• The EFCC published Bitar’s details and photo, urging the nationalist to study immoderate accusation astir his whereabouts to immoderate of its zonal offices

Legit.ng journalist Esther Odili has implicit 2 years of acquisition covering governmental parties and movements.

On Wednesday, April 30, the Economic and Financial Crimes Commission (EFCC) declared 1 overseas national, Elie Bitar wanted for his alleged engagement successful a cryptocurrency fraud linked to the online trading platform, Crypto Bridge Exchange.

EFCC declares foreigner wanted implicit CBEX fraud. Photo credit: Economic and Financial Crimes Commission
Source: Facebook

Legit.ng callback that EFCC declared 8 CBEX promoters wanted implicit alleged engagement successful a fraudulent concern strategy valued astatine implicit $1 billion.

The anti-graft bureau released accusation astir their addresses and photos.

According to an official bulletin issued by the Commission, connected Wednesday, Bitar, 41, is wanted for a suspected fraudulent strategy carried retired via CBEX, which has reportedly defrauded aggregate unsuspecting investors crossed Nigeria.

“The nationalist is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated connected an online trading level called Crypto Bridge Exchange (CBEX),” the EFCC stated.

The EFCC besides urged anyone with utile accusation regarding Bitar’s whereabouts to interaction immoderate of its zonal offices successful Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt, oregon Abuja.

Head of media and publicity astatine the EFCC, Dele Oyewale, signed the wanted announcement and reaffirmed the agency’s committedness to tracking down individuals exploiting Nigerians done fiscal fraud schemes.

Earlier, Legit.ng reported that 1 of the wanted Crypto Bridge Exchange (CBEX) promoters, Adefowora Abiodun Olaonipekun, has surrendered himself to the EFCC.

Adefowora, accompanied by his lawyers, turned himself successful astatine the EFCC office successful Abuja connected Monday, April 28, 2025.

Counsel to the CBEX promoter, Babatunde Busari, explained the crushed his lawsuit decided to taxable himself to the EFCC.

Read much stories connected CBEX scam:

• CBEX scandal: 11 fashionable ponzi schemes Nigerians volition ne'er hide
• CBEX crash: Man who mislaid N9m shares however radical helium introduced to level bought lands, trailer
• EFCC sends notable connection to each CBEX 'investors' connected funds
• CBEX crash: 3 Nigerians outcry retired aft losing N9 million, schoolhouse fees to platform, videos inclination

CBEX scam: EFCC, SEC instrumentality enactment against Ponzi schemes

Legit.ng besides reported that EFCC said CBEX investors were going to get their money back.

The Securities and Exchange Commission (SEC) said it would commence probe arsenic to wherever the operators were and hunt them down.

The 2 national authorities agencies vowed to hunt down operators of Ponzi schemes crossed the country.

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Source: Legit.ng