- Crack Down on Unregulated Crypto Schemes
- Agency Calls for Public Action
- Investors to Report to Lagos, Ibadan Offices
The Economic and Financial Crimes Commission (EFCC) has called on Nigerians who fell victim to a fraudulent cryptocurrency platform, Crypto Bridge Exchange (CBEX), to report to its zonal offices.
Eko Hot Blog reports that EFCC is actively prosecuting three individuals—Adefowoara Abiodun Olanipekun, Otorudo Avwerosuo, and Ehirim Justice Chukwuebuka—for their alleged roles in the massive scheme.
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According to the EFCC, the suspects operated CBEX as a sophisticated Ponzi scheme, luring unsuspecting investors with promises of unrealistic returns on their investments. The promoters allegedly claimed to use artificial intelligence to generate immense trading profits, but in reality, they used funds from new investors to pay existing ones.
The scheme, which is believed to have led to a loss of over N1.3 trillion for thousands of victims, collapsed after a large number of investors attempted to withdraw their funds.
In a statement, the anti-graft agency invited victims who invested through individuals linked to CBEX offices in Ibadan and Idimu, Lagos, to report for an ongoing investigation. Victims can visit the EFCC’s Ibadan Zonal Directorate at 16A, Reverend Oyebode Crescent, Iyaganku, or the Lagos Zonal Directorate 2 at 7A, Okotie-Eboh Street, Ikoyi, Lagos.
The EFCC is also collaborating with INTERPOL to track down other culprits involved in the international scam.
