EFCC, INTERPOL Collaborate to Investigate CBEX Fraud

• Dele Oyewale of the EFCC stated that the commission had already begun investigating CBEX prior to its sudden shutdown on Monday. 
• CBEX, run by a network of foreign nationals and their Nigerian partners, operated across major cities in Nigeria before leaving thousands of investors unable to access their funds.
• “We are on the local collaborators while we are partnering with INTERPOL to trace the foreign operators,” he stated.

In response to the recent collapse of the digital trading platform CBEX, which allegedly defrauded Nigerian investors of over N1.3 trillion, the Economic and Financial Crimes Commission (EFCC) has partnered with INTERPOL to launch an investigation into the platform’s operators.

EFCC spokesperson Dele Oyewale confirmed the ongoing probe, stating that the commission had already begun investigating CBEX prior to its sudden shutdown on Monday.

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CBEX, run by a network of foreign nationals and their Nigerian partners, operated across major cities in Nigeria before leaving thousands of investors unable to access their funds.

Oyewale assured Nigerians that the EFCC is working diligently to identify and apprehend both local collaborators and foreign masterminds behind the scheme.

He further emphasized the commission’s commitment to collaborating with other regulatory bodies to prevent similar cases of financial fraud and protect the public from such deceptive platforms.

“We are actively working to handle the CBEX situation. Where recovery is possible, we will recover; where prosecution is possible, we will prosecute,” Oyewale said.

He also revealed that the commission is working alongside other regulatory bodies to prevent further cases of financial fraud, adding that the EFCC had widened its investigations to similar schemes operating nationwide.

“We are on the local collaborators while we are partnering with INTERPOL to trace the foreign operators,” he stated.

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The commission further warned the public against putting money into unverified platforms, advising Nigerians to confirm the registration status of investment schemes with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) before making financial commitments.

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