INTERPOL Joins EFCC In Investigating $847m CBEX Investment Fraud.
The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into an alleged $847 million fraud involving CryptoBank Exchange (CBEX), a digital investment platform that has reportedly defrauded thousands of Nigerians.
CBEX, which was said to be operated by a group of foreign nationals in collaboration with local partners, abruptly shut down operations earlier this week, leaving investors stranded and unable to access their funds. Many users claimed they were asked to make additional deposits before they could withdraw existing balances.
Speaking in Abuja on Tuesday, EFCC spokesperson Dele Oyewale confirmed that the Commission, in collaboration with the International Criminal Police Organisation (INTERPOL), has commenced preliminary investigations to track down the perpetrators.
“We had intelligence before the incident,” said Oyewale. “We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in. We are working to ensure that Nigerians are protected from these Ponzi schemes.”
He revealed that arrests have already begun and that efforts are underway to trace the foreign operatives behind the scheme.
Though the EFCC is yet to determine the total amount lost, unofficial reports estimate it to be around ₦1.3 trillion or $847 million. CBEX reportedly offered investors a 100 percent return on their capital within 30 days through cryptocurrency-based trading. However, withdrawals were suspended on 9 April, and users’ account balances were later erased. Victims were asked to make further payments ranging from $100 to $200 to “verify” their accounts.
Concerns had previously been raised about CBEX’s legitimacy, with the platform changing its domain name multiple times between January 2024 and February 2025. Despite this, it gained widespread popularity through social media and word-of-mouth referrals.
The collapse came shortly after the Securities and Exchange Commission (SEC) issued a warning against unregistered digital trading platforms. Under the newly enacted Investment and Securities Act 2025, such platforms are considered illegal.
“This Act gives the SEC the legal backing to ensure investor protection and market confidence,” said SEC Director-General, Emomotimi Agama. “No entity is allowed to operate online foreign exchange or digital asset platforms without registration.”
The fallout from the collapse has triggered outrage nationwide. In Ibadan, Oyo State, angry investors stormed the CBEX office in Oke Ado, seizing office equipment. Police and members of the Amotekun Corps were deployed to restore calm. In Abuja, the CBEX office in Jahi was shut and placed under guard, with no staff present due to fears of reprisals.
Several victims have since come forward to share their losses. One woman reported losing $10,000, while another said she lost $1,000 she had saved for her wedding. “I don’t even know how to tell my fiancé,” she wrote online. A businessman said he introduced three friends who collectively lost $8,000, while another victim said his brother had invested his school fees and could not face their parents.
The EFCC disclosed that CBEX is one of dozens of unlicensed investment schemes currently operating in Nigeria. In March, the commission released a list of 58 similar entities including Wales Kingdom Capital, Bethseida Group, and Titan Multibusiness Investment. These platforms, the EFCC said, lured victims with promises of unrealistic returns from agriculture, real estate, and forex trading, only to disappear after collecting funds.
Oyewale urged Nigerians to verify the legitimacy of any investment opportunity with the Central Bank of Nigeria or the SEC before committing funds.
“We are committed to protecting the public from predatory operators and creating a corruption-free economic environment,” he stated.
Financial experts have blamed a combination of greed and poor financial literacy for the rising popularity of such fraudulent schemes. “Nigerians want to invest ₦100 and get ₦200 the next day,” said banker Kelechi Godfrey. “When returns seem too good to be true, something is wrong.”
Investment analyst Segun Aremu added: “When someone promises you 100 percent returns, understand the risks. People must learn to match their investment goals with their risk appetite.”
The EFCC and INTERPOL have assured the public that efforts to apprehend those responsible and recover stolen funds are ongoing.
