The Economic and Financial Crimes Commission (EFCC) has launched an international investigation, in partnership with Interpol and other global partners, to track down the masterminds behind the collapsed digital investment platform CryptoBank Exchange (CBEX).
This comes after thousands of Nigerians lost an estimated N1.3 trillion when the platform suddenly crashed earlier this week.
CBEX had promised investors 100% Return on Investment (ROI) within 30 days, attracting massive participation. However, signs of trouble emerged last Friday when investor withdrawals were abruptly postponed. By Monday, April 14, 2025, users discovered that all funds in their wallets had disappeared.
In a deceptive move, the platform’s operators reappeared over the weekend, offering a supposed “verification process” where users could regain up to $2,000 by paying a $200 fee or $1,000 for a $100 fee. This offer ultimately turned out to be part of the scam, as no withdrawals resumed and accounts were wiped clean.
This incident adds to a long list of Ponzi-style schemes that have defrauded Nigerians over the past decade, despite frequent warnings from financial regulators.
EFCC Speaks Out
Speaking on Channels Television on Wednesday, EFCC spokesperson Dele Oyewale confirmed the commission had already begun tracking the perpetrators before the public outcry.
“We’ve been on this CBEX case before the complaints came in. While the calls were coming, we were working. Even now, we’re still working,” Oyewale said.
He added that the EFCC is working closely with Interpol and other international development partners to trace the culprits and dismantle the syndicate.
“Our dragnet is wide. Our intelligence is effective. We’ve profiled several aspects of the platform and are actively monitoring developments,” he added.
Legal Backing Under ISA 2025
Oyewale also cited the recently enacted Investment and Securities Act (ISA) 2025, which criminalizes digital investment platforms operating without proper licensing or regulatory compliance.
“The ISA 2025 is a powerful tool. If you’re running any investment platform and you’re not licensed, that’s a criminal offense under the law. And we will act accordingly,” he stated.
A Call for Public Vigilance
The EFCC spokesperson emphasized that while the commission is empowered by law to crack down on such schemes, Nigerians must also remain vigilant and skeptical of “too-good-to-be-true” investment offers.
“These Ponzi schemes advertise unrealistic returns that don’t align with Nigeria’s financial system or legal framework. The public must be cautious before committing their money,” he warned.
