The Economic and Financial Crimes Commission (EFCC) has announced a major breakthrough in its ongoing investigations into the CBEX cryptocurrency investment scam, revealing the recovery of a significant portion of the N1.3 trillion fraudulently obtained from unsuspecting Nigerian investors. Several key suspects have also been arrested in connection with the elaborate scheme.
The CBEX scam, which operated under the guise of a legitimate cryptocurrency trading platform, lured thousands of investors with promises of high returns and short-term profit guarantees. Investigations revealed that the platform was a sophisticated Ponzi scheme, which collapsed earlier this year, leaving investors across the country in financial distress.
In a statement released by EFCC Chairman, Ola Olukoyede, the Commission disclosed that approximately N354 billion in cash and crypto assets has been successfully traced and recovered through coordinated efforts with international financial intelligence units and cryptocurrency exchanges.
"This is one of the largest financial crimes we’ve confronted in Nigeria’s history. The recovery of these funds and the apprehension of several high-ranking operatives of the CBEX scheme is a significant victory for justice and investor protection," Olukoyede stated.
The EFCC also confirmed that seven individuals have been arrested so far, including the alleged mastermind, identified as Victor Nwankwo, who was apprehended in Lagos after months of surveillance and intelligence gathering. Charges including conspiracy, obtaining money under false pretenses, and cybercrime are being prepared as investigations continue.