EFCC Declares Four Individuals Wanted Over Alleged CBEX Fraud Scheme
The Economic and Financial Crimes Commission (EFCC) has officially declared four individuals wanted for their alleged involvement in a fraudulent scheme operated through the online trading platform Crypto Bridge Exchange (CBEX).
EFCC’s Public Notice
The anti-graft agency made the announcement through a public notice posted on its official X account:
“The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).”
Wanted Suspects and Last Known Locations
Key Individuals Sought by EFCC
- Seyi Oloyede and Emmanuel Uko – Last traced to No. 166, Idimu Egbeda Road, Lagos State
- Adefora Oluwanisola (37) and Adefora Abiodun Olaonipekun (44) – Last known residence at 13, Jimoh Odutola, Ogunpa, Ibadan, Oyo State
While the EFCC hasn’t disclosed specific roles in the alleged CBEX fraud, the suspects’ locations suggest coordinated cross-state activity.
Public Assistance Requested
The EFCC has urged citizens with information about the suspects to contact:
- EFCC offices in Ibadan, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja
- Phone numbers: 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5
- Nearest police station or security agency
About the CBEX Controversy
Crypto Bridge Exchange (CBEX) has recently faced significant scrutiny:
- Users reported inability to withdraw funds, suggesting possible platform collapse
- Some claim CBEX operates as a Ponzi scheme
- Platform promises unrealistic 100% monthly returns and referral bonuses
- All transactions conducted in USD
Regulatory Status
Nairametrics investigations revealed:
- CBEX is not registered with Nigeria’s Securities and Exchange Commission (SEC)
- SEC declares all unregistered digital trading platforms illegal
- Promoters allegedly used ST Technologies International Limited to recruit investors
Legal Developments
The Federal High Court in Abuja has already issued arrest warrants for six CBEX promoters, including two of the four newly declared wanted individuals. Justice Emeka Nwite granted the order after EFCC counsel Fadila Yusuf presented evidence that:
- Over $1 billion in investors’ funds disappeared
- The scheme involved international collaborators
- Victims were instructed to convert funds to USDT and transfer to suspect-controlled wallets
Credit: Full credit to the original publisher: Nairametrics