In a drive to fight financial fraud, the Economic and Financial Crimes Commission (EFCC) has stepped up its investigation of the N1.3 trillion CryptoBank Exchange (CBEX) scam in partnership with Interpol. This alliance helps address the growing worries about digital investment platforms and their potential for fraudulent activity.
The collapse of CBEX, a digital investment platform purportedly run by a group of foreigners and their Nigerian equivalents, prevented thousands of investors from accessing their money. After launching an inquiry before the site collapsed, the EFCC is currently working to capture local and foreign participants in the fraudulent scam.
According to reports, between January 2024 and February 1, 2025, CBEX changed its domain name multiple times.
The platform promised huge returns on investment. It was heavily advertised on social media and among peer networks, prompting Nigerians to invest large sums of money in it. The Securities and Exchange Commission had cautioned Nigerians to avoid unregistered trading platforms a few days before the development.
The SEC specifically noted that any organization must now register with the commission, in line with the recently passed Investment and Securities Act, 2025, before running an online forex trading platform or offering related services—following its approval by President Bola Tinubu.
Dele Oyewale, the EFCC spokesperson, confirmed the commission’s collaboration with Interpol. He stated that efforts are underway to arrest the operators and their collaborators. The commission aims to bring those responsible to justice, ensuring accountability for the substantial financial losses incurred by investors.
He said, “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.”
“We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory — the 58 companies we alerted the public about. There are many more we are currently investigating.” He also revealed that the commission was working to uncover other Ponzi schemes operating across the country.
“Overall, we will do our best. 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 with INTERPOL to trace the foreign operators,” he added.
The involvement of Interpol underscores the international dimension of the investigation, highlighting the global nature of digital financial crimes. By pooling resources and expertise, the EFCC and Interpol aim to dismantle the networks facilitating such fraudulent activities.
This joint operation also serves as a warning to other digital investment platforms operating without proper regulatory oversight. It emphasizes the necessity for stringent monitoring and regulation to prevent similar fraudulent schemes in the future. The EFCC’s proactive approach, in collaboration with Interpol, sets a precedent for international cooperation in combating financial crimes in the digital age.
Stakeholders anticipate further developments that may lead to significant legal actions against those involved in the CBEX fraud. The EFCC’s commitment to transparency and justice remains steadfast. It aims to restore investor confidence and uphold the rule of law in Nigeria’s financial sector.
