EFCC, INTERPOL collaborate to investigate CBEX

-


The Economic and Financial Crimes Commission has launched an investigation into the alleged N1.3tn frauds perpetrated through a digital investment platform, CryptoBank Exchange.

CBEX, operated by a group of foreign nationals in collaboration with their Nigerian partners, reportedly collapsed on Monday, leaving thousands of investors stranded and unable to access their funds.

The EFCC spokesman, Dele Oyewale, confirmed that the commission would collaborate with the International Criminal Police Organization to investigate the incident.

Oyewale stated that the agency had already begun investigating CBEX before its collapse.

He added that efforts were underway to arrest both the local and international operators behind the fraudulent scheme.

He also revealed that the commission was working to uncover other Ponzi schemes operating across the country.

The investment platform claims to offer 100 per cent returns within 30 days via online trading, but it restricted withdrawals on April 9, 2025.

Shortly before locking out its subscribers, the platform sent a message to them stating, “All accounts need to undergo the following verification steps to ensure their authenticity. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.”

CBEX had reportedly changed its domain name several times between January 2024 and February 1, 2025.

The SEC particularly pointed out that, in accordance with the Investment and Securities Act, 2025, recently signed by President Bola Tinubu, it is now an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.

Comments

Post a Comment

Popular posts from this blog

Ogbori Elemoso: Soun Palace clarifies narrative, dismisses copyright claims

-
Image
  ‎The Palace of the Soun of Ogbomosoland has dismissed allegations credited to ace film maker and thespian, Chief Lere Paimo regarding the alleged remaking of the Ogbórí Elemoso film, describing the claims as misleading and capable of causing unnecessary public speculation. ‎In a statement issued by the Media Assistant to the Soun, the Palace said it was compelled to respond in order to set the record straight, despite its reluctance to engage in public controversy, particularly involving Baba Lere Paimo, a respected Chief of the Palace and the Aare Arobajo of Ogbomosoland. ‎According to the statement, His Imperial Majesty, Oba Ghandi Afolabi Olaoye, Orumogege III, had earlier informed Baba Lere Paimo of plans to creatively remodel aspects of Ogbomoso history into a movie project designed to meet global storytelling standards, including platforms such as Netflix. The monarch reportedly invited Baba Lere Paimo to participate in the project as a character and contributor. ‎The Palac...
Read more

House to House founder loses Wife

-
Image
  ‎ ‎Mrs Abimbola Adeyemo , the wife of the founder and General Overseer of House to House Prayer Ministries, Ogbomoso, Rev’d Debo Adeyemo has passed away. ‎ ‎Mrs. Adeyemo reportedly died on Sunday, December 7, after a brief illness. She was aged 63. ‎ ‎A trained nurse, the late Mrs. Adeyemo was widely regarded as a loving and compassionate woman who strongly upheld family values. She was also known for her role as a marriage counsellor and advocate against marital breakdown. ‎ ‎Following her demise, sympathisers have been visiting the family residence at Areago, Ogbomoso, to commiserate with Rev’d Adeyemo and members of the family over the painful loss.
Read more

No Teacher Beaten to Death in Oyo – Govt, NUT

-
Image
  ‎The Oyo State Ministry of Education and the Nigeria Union of Teachers (NUT), Oyo State chapter, have cleared the air on the alleged beating of a teacher to death in Ogbomoso by students, describing the viral news story as fake and a complete misrepresentation of facts. ‎Commissioner for Education, Science and Technology, Hon. Olusegun Olayiwola; Oyo State NUT Chairman, Comrade Raji Oladimeji and the Principal of Soun High School, Ogbomoso, Mr Ajayi Adeyinka, who spoke separately on Monday, gave detailed accounts of the incident. ‎                       Mr Adegoke Fatai ‎The trio noted that the claim that the deceased teacher, Mr Adegoke Fatai Abiodun, was beaten to death by some students is false and unfounded, stating that the incident in which he caught four students gambling within school premises happened on May 28, 2025, while the teacher died on November 4, 2025. ‎The Oyo State Government and the Education family i...
Read more