Headline:
EFCC, INTERPOL Launch Joint Investigation Into CBEX Crypto Fraud Scandal Worth N1.3 Trillion
Abuja, Nigeria | April 16, 2025 —
A collaborative probe by the Economic and Financial Crimes Commission (EFCC) and INTERPOL is now underway into a massive cryptocurrency fraud linked to CryptoBank Exchange (CBEX)—a digital investment platform that reportedly defrauded thousands of Nigerians of over N1.3 trillion.
EFCC spokesperson Dele Oyewale disclosed on Tuesday that the agency had been keeping CBEX under surveillance following earlier intelligence reports, and is now working closely with international law enforcement partners to track and apprehend those responsible.
“We’ve been monitoring their activities for some time. Now that the platform has collapsed, we are cooperating with INTERPOL to go after both foreign and Nigerian suspects involved,” Oyewale confirmed.
Digital Dreams Turned to Dust
CBEX burst onto the scene in late 2023, quickly gaining popularity for its too-good-to-be-true promise: double your investment within 30 days. Promoted aggressively via social media influencers, online ads, and referral schemes, the platform attracted a surge of hopeful investors, many of whom were first-time participants in digital finance.
But things took a dark turn on April 9, 2025, when users began reporting restricted withdrawals. Soon after, account balances vanished altogether, with the platform demanding additional deposits for ‘account verification’—a suspicious request that many experts now identify as a classic exit-scam strategy.
Shortly thereafter, CBEX’s website went offline completely, and its communication channels were shut down, effectively cutting off all investor access.
N1.3 Trillion Vanishes Overnight
Though investigations are ongoing, early estimates place the financial damage at over $847 million (approximately N1.3 trillion). Many Nigerians—ranging from civil servants to business owners and students—are believed to have lost significant savings in the scheme.
As CBEX frequently switched domain names and used offshore hosting, authorities believe the fraud was meticulously orchestrated by an international syndicate.
INTERPOL Joins the Hunt
Recognizing the global scale of the operation, the EFCC has enlisted the help of INTERPOL to track down the foreign operatives allegedly behind the scam, as well as their local accomplices in Nigeria. This move is expected to enhance surveillance, enable transnational arrests, and potentially lead to asset recovery across jurisdictions.
“This isn’t just a national matter—it’s a transnational cybercrime. With INTERPOL’s support, we are closing in on the perpetrators,” Oyewale stated.
Crypto Regulations Under Scrutiny
The CBEX incident is reigniting urgent calls for stricter oversight of digital investment platforms in Nigeria. Currently, the cryptocurrency sector operates in a regulatory gray area, which has made it a breeding ground for scams.
Financial analyst Bukola Ajetunmobi stressed the need for better investor awareness and stronger legislation:
“People are chasing quick wealth without doing background checks. Regulators must step in now to prevent further damage to public trust and the economy.”
What Should Victims Do Now?
The EFCC is calling on all affected individuals to report their cases at the nearest EFCC office or submit complaints via the agency’s official website. A dedicated task force is being formed to compile evidence and assist in possible restitution.
However, legal experts caution that recovering lost funds may take time, especially given the cross-border complexities of crypto transactions and the lack of physical traceability.
A Wake-Up Call for Nigeria’s Digital Investment Space
The downfall of CBEX marks a critical moment for Nigeria’s fintech and crypto ecosystem. While digital innovation holds enormous promise, it must be backed by enforceable laws, proper investor education, and transparent vetting of platforms.
This high-profile investigation by the EFCC and INTERPOL is a significant step toward restoring public trust—and could set a precedent for how digital fraud is tackled in Nigeria and beyond.
Stay updated with Gists9ja as we follow this developing story and bring you the latest on tech, finance, and law enforcement efforts around cryptocurrency in Nigeria.
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