News

INTERPOL Joins EFCC To Probe N1.3tn CBEX Fraud

ByTitilope Adako

PublishedApril 16, 2025

The Economic and Financial Crimes Commission (EFCC) has launched a major crackdown on a suspected N1.3 trillion cryptocurrency fraud linked to the collapsed CryptoBank Exchange (CBEX), with support from INTERPOL to track down both Nigerian and foreign suspects.

CBEX, a digital investment platform allegedly run by foreign nationals in collaboration with some Nigerians, suddenly shut down operations on Monday, locking out thousands of investors from their accounts.

Victims said they woke up to discover their balances had been wiped out, and were asked to deposit fresh funds to regain access, only for the platform to disappear altogether.

EFCC spokesperson Dele Oyewale disclosed that the commission had already begun investigating the platform before its collapse based on intelligence reports.

“We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in,” he said on Tuesday.

Oyewale added that EFCC was working with INTERPOL to trace the foreign operators, while local collaborators were already being identified.

“Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators,” he said.

Though official figures are yet to be confirmed, reports suggest that over $847 million (approximately N1.3 trillion) may have been lost to the scam, which affected both Nigerian and international investors.

The platform, which promised 100% returns within 30 days through online trading, began limiting withdrawals on April 9, then introduced a suspicious verification process requiring users to pay an extra $100–$200 before granting access — a tactic seen as a final attempt to extort more funds before the crash.

The Securities and Exchange Commission (SEC) had recently warned Nigerians about unregistered trading platforms, stressing that the new Investment and Securities Act, 2025 prohibits such operations.

SEC Director-General Dr. Emomotimi Agama urged operators to register with the commission to avoid legal sanctions.

CBEX’s shutdown sparked outrage, particularly in Ibadan, Oyo State, where angry investors stormed its office in Oke Ado, destroyed furniture and carted away items in protest.

Security operatives including the Nigeria Police and Amotekun Corps were deployed to restore calm.

CBEX had aggressively advertised its scheme across social media and referral networks, drawing in thousands of unsuspecting Nigerians.

Investigators revealed that the company changed its website domain several times between January 2024 and February 2025 — a strategy they believe was meant to dodge regulatory detection.

Titilope Adako

Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.