 has tracked funds linked to the failed crypto investment platform, CBEX, to at least four countries, with recovery efforts currently ongoing.){kind=link}
The Economic and Financial Crimes Commission (EFCC) has tracked funds linked to the failed crypto investment platform, CBEX, to at least four countries, with recovery efforts currently ongoing.
Speaking during an interview on Channels Television’s Politics Today on Wednesday, EFCC Chairman Ola Olukoyede said that while progress is being made, the complete restitution of funds to all affected investors may not be possible.
Olukoyede revealed that several bank accounts had been frozen and assets seized in connection to the case. However, he declined to disclose the total amount recovered so far.
He noted that the bulk of transactions conducted through CBEX involved cryptocurrencies, which were processed via digital wallets outside Nigeria’s jurisdiction.
“We’ve frozen some accounts and seized certain funds, though I can’t specify the amount. But a reasonable volume of funds has been secured,” Olukoyede said.
He admitted that recovering all lost funds would be difficult, citing the international scope of the fraud and the dissipation of funds across multiple borders.
“We’ve traced the funds to three or four different countries. Many of the key individuals behind the scheme are foreigners and outside our jurisdiction, which presents a major challenge,” he said.
Despite these obstacles, the EFCC chairman assured the public that every possible effort is being made to recover what is left and keep Nigerians informed of the process.
He also confirmed the arrest of three suspects, who are currently assisting with investigations.
“So far, three individuals are in custody and have provided valuable information. We’ve committed significant resources to this probe, and we’re cooperating with international agencies,” he added.
CBEX, which had attracted a large number of Nigerian investors, came under scrutiny after users were suddenly unable to access their funds. The Securities and Exchange Commission (SEC) later clarified that the digital platform was never registered with the regulatory body.
In response to the scandal, a federal high court in Abuja recently granted the EFCC permission to detain six CBEX promoters in connection with a $1 billion investment scam. The court order followed an ex parte application by the EFCC’s legal team.
On April 30, the agency also declared a foreign national, Elie Bitar, wanted over his alleged role in the fraudulent scheme.
Bitar now joins a list of eight Nigerians previously declared wanted for promoting the CBEX platform.