EFCC, Interpol Launch Joint Probe Into N1.3 Trillion Scam Linked To CBEX

The EFCC and Interpol have launched a joint probe into the N1.3 trillion scam linked to CBEX.

Glamtush reports that in a major crackdown on financial fraud, the Economic and Financial Crimes Commission (EFCC), in collaboration with Interpol, has reportedly launched an investigation into an alleged N1.3 trillion digital investment scam involving the controversial CBEX platform.

The move comes after the sudden collapse of the platform on Monday, April 14, which has left thousands of Nigerian investors in shock and confusion.

CBEX, a digital investment company reportedly operated by a group of foreign nationals alongside their Nigerian collaborators, is at the center of what is shaping into one of Nigeria’s biggest financial fraud cases in recent years. The platform had promised high returns on investments, luring in a wide base of unsuspecting citizens who now fear their funds may be gone for good.

The EFCC spokesman, Dele Oyewale, confirmed to newsmen on Tuesday that the commission would collaborate with the International Criminal Police Organisation to investigate the incident.

Oyewale stated that the agency had already begun investigating CBEX before its collapse.

He added that efforts were underway to arrest both the local and international operators behind the fraudulent scheme.

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.

“We are actively working to handle the CBEX situation. We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme. We will do our job—where recovery is possible, we will recover; where prosecution is possible, we will prosecute.

“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 INTERPOL to trace the foreign operators,” he added.

We could not immediately verify the quantum of the fraud, but unconfirmed reports claimed Nigerian and foreign investors on the platform lost about N1.3trn in USDT.

Reports put the volume of stolen investors’ funds at $847m, which may likely increase.

The investment platform claims to offer 100 per cent returns within 30 days via online trading, but it restricted withdrawals on April 9, 2025.

Users were shocked to find that their accounts balance had been wiped out. The platform curiously asked them to deposit at least $100 to access their funds.

Several new users were said to have signed up in the days after the restricted withdrawals, in the belief that it was only a temporary security glitch and would be resolved in a matter of days.

Shortly before locking out its subscribers, the platform sent a message to them stating, “All accounts need to undergo the following verification steps to ensure their authenticity. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.”

CBEX had reportedly changed its domain name several times between January 2024 and February 1, 2025.

The platform, widely promoted on social media and among peer networks, promised high returns on investment, which induced Nigerians to invest substantial amounts.

The development came a few days after the Securities and Exchange Commission warned Nigerians to stay clear of unregistered trading platforms.

The SEC particularly pointed out that, following the Investment and Securities Act, 2025, recently signed by President Bola Tinubu, it is now an offense for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.

The Director-General of the commission, Dr. Emomotimi Agama, described the new law as “a landmark step in positioning Nigeria’s capital market to be more inclusive, robust, and in tune with global best practices.”

Agama stated, “The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms.

“By virtue of this act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.

“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions.”

Meanwhile, the crash of the platform has triggered nationwide outrage.