EFCC, INTERPOL Investigate Collapsed CBEX Trading Platform Over N1.3 Trillion Fraud

By Abiola Olawale

International Probe Launched Into Digital Trading Scam

The Economic and Financial Crimes Commission (EFCC) has joined forces with INTERPOL to investigate the collapsed CBEX digital trading platform, following allegations of a massive N1.3 trillion investment scam.

EFCC spokesperson Dele Oyewale confirmed the investigation, revealing that the anti-graft agency had already begun probing the scheme before its dramatic collapse.

Global Manhunt for Fraudsters

“We are actively working to handle the CBEX situation,” Oyewale stated. “We will collaborate with other regulatory agencies to protect Nigerians from such schemes. Where recovery is possible, we will recover; where prosecution is possible, we will prosecute.”

The commission is pursuing both local collaborators and international operators through its partnership with INTERPOL, aiming to bring all perpetrators to justice.

Public Warning on Investment Schemes

Oyewale issued a stern warning to Nigerians: “We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators.”

Platform Collapse Sparks Outrage

The investigation follows widespread anger after CBEX suddenly collapsed on Monday, locking investors out of their accounts and wiping balances to zero. The platform had promised unrealistic 100% returns within 30 days, attracting thousands of investors since its launch in mid-2024.

Social media platforms, particularly X (formerly Twitter), erupted with complaints as victims shared their experiences and frustrations over the apparent scam.

EFCC’s Broader Crackdown

The commission revealed it’s investigating similar fraudulent schemes across Nigeria, many of which remain unknown to the public. The CBEX case highlights the growing threat of digital investment scams in the country’s financial sector.

Credit: This report is based on the original article from New Diplomat.