EFCC Collaborates with Interpol to Track Operators Behind Collapsed CBEX Digital Investment Scam.
The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into the CryptoBank Exchange (CBEX) digital investment fraud, which reportedly wiped out over ₦1.3 trillion in investor funds, leaving thousands of Nigerians devastated.
The EFCC, in a statement issued on Wednesday, confirmed that it is actively working with the International Criminal Police Organisation (Interpol) and other global partners to apprehend the perpetrators of what is now being described as one of Nigeria’s largest investment scams in recent history.
CBEX Collapse: Investors Defrauded After Sudden Platform Crash
CBEX, a digital asset trading platform that promised investors 100% Return on Investment (ROI) within 30 days, crashed abruptly on Monday, April 14, 2025, after disabling access to users’ digital wallets. This followed earlier signs of trouble when the platform suspended withdrawal requests on Friday, leaving many investors anxious.
In an attempt to manage investor panic, the platform’s operators resurfaced with a controversial verification scheme, offering users $2,000 for a $200 re-verification fee and $1,000 for a $100 fee, promising withdrawals would resume by Monday. However, the hopes of thousands were dashed as funds vanished completely from investors’ accounts.
This incident adds to the growing list of fraudulent digital platforms and Ponzi schemes that have plagued Nigeria in recent years, despite persistent warnings from financial regulators.
EFCC Issues Official Statement on Investigation
During an interview on Channels Television, Dele Oyewale, EFCC spokesperson, assured Nigerians that the Commission had already activated a robust investigation process before public outrage intensified.
“Concerning this CBEX issue, we are fully engaged. We had prior intelligence and were already tracking developments before the platform collapsed,” he said.
“We are collaborating with Interpol and other international enforcement agencies. All necessary profiling, digital footprint tracking, and intelligence gathering have been initiated. Our dragnet is wide, and we are confident that those responsible will be brought to justice.”
Public Awareness and Preventive Measures Emphasized
The EFCC also revealed that it had received numerous reports from victims and concerned citizens, some of whom were not affected but sought clarification on how to avoid falling victim to similar scams.
“Nigerians must exercise vigilance. Platforms that promise unrealistic returns in short periods should raise immediate red flags. No legitimate business offers 100% ROI in 30 days,” Oyewale cautioned.
CBEX Violation of Investment and Securities Act 2025
The Commission stressed that the Investment and Securities Act (ISA) 2025 now provides a strong legal framework for prosecuting operators of unlicensed digital trading platforms.
“Any digital investment scheme operating without proper licensing is engaging in criminal activity under the ISA 2025,” Oyewale said. “This legislation empowers us to act decisively. The CBEX operation clearly violated multiple provisions of this Act.”
He reiterated that compliance with extant laws is a prerequisite for running any financial or trading operation in Nigeria. The Commission has vowed to pursue this case with full legal backing and international cooperation.
Rise in Digital Investment Scams in Nigeria
Over the past decade, Nigeria has witnessed a surge in fraudulent investment platforms exploiting the lack of financial literacy and desperation among citizens looking for quick wealth. The collapse of CBEX mirrors previous schemes like MMM, Racksterli, and MBA Forex, all of which lured investors with promises of rapid profits before disappearing with billions.
Despite regulatory warnings, many Nigerians continue to fall victim to online Ponzi schemes and crypto scams—often due to poor due diligence and unchecked optimism.
EFCC Urges Nigerians to Verify Investment Platforms
In light of the CBEX debacle, the EFCC advises the public to verify the registration status and operational licenses of any digital or financial investment platform before committing funds.
Financial experts have also warned against investing in platforms that lack clear regulatory oversight, physical offices, and transparent operational models.
Editor’s Note
The EFCC’s ongoing investigation, in partnership with Interpol, represents a strong message to online scammers that fraudulent digital operations will not go unpunished. As the Commission continues to track those behind the CBEX collapse, it also calls on Nigerians to stay informed, conduct due diligence, and report suspicious platforms immediately.
