EFCC, INTERPOL Hunt CBEX Operators Over Ponzi Scheme

The Economic and Financial Crimes Commission (EFCC) has started investigating a suspected ₦1.3 trillion fraud connected to CryptoBank Exchange (CBEX), a digital investment platform that suddenly shut down, leaving thousands of Nigerians unable to access their money.

The platform was said to be run by foreign nationals alongside some Nigerian partners and allegedly scammed investors out of more than $847 million.

The EFCC confirmed that it had already begun monitoring CBEX before its collapse. According to a spokesperson, “We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in.” He added that the EFCC was working with INTERPOL to trace both local and international suspects involved in the fraud.

The commission emphasized its commitment to protecting Nigerians from fake investment schemes. “We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory about the 58 companies we alerted the public about. There are many more we are currently investigating,” the spokesperson said.

He also made it clear that the investigation extends beyond CBEX. “We will do our job, where recovery is possible, we will recover; where prosecution is possible, we will prosecute. Overall, we will do our best.” He assured the public that the EFCC is also investigating other similar scams, saying, “Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators.”

Before its collapse, CBEX attracted investors by promising a 100% return on investment within 30 days. Many people were drawn in by this offer, especially through social media and word-of-mouth promotions. However, on April 9, 2025, the platform suddenly blocked all withdrawals, and users soon discovered that their account balances were gone.

Users were then told they needed to make new deposits to access their frozen funds. One message from CBEX read, “We require a deposit of $100 for accounts with funds below $1,000 and $200 for accounts exceeding $1,000. Please keep your deposit receipts to prove authenticity during future withdrawal reviews.”

CBEX had changed its website domain several times between early 2024 and early 2025, which raised suspicions. Still, many people continued to invest, hoping to earn large profits. As time went on, it became clear that CBEX was running a Ponzi scheme, where money from new investors was used to pay old ones.

The collapse of CBEX has highlighted the rising number of online fraud schemes in Nigeria and sparked fresh calls for stronger financial oversight and public awareness.
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