Eric Patrick
The Economic and Financial Crimes Commission (EFCC) and INTERPOL have launched an investigation into the recently collapsed online digital trading platform, CBEX, which allegedly misappropriated investors’ funds totaling N1.3 trillion.
This was contained in a statement by the EFCC spokesperson, Dele Oyewale on Tuesday.
The CBEX, run by a group of foreign nationals in partnership with Nigerian associates and with offices in cities like Lagos, Ibadan, and Abuja, has collapsed.
This unfortunate event has left investors in a difficult position, unable to retrieve their funds.
Oyewale, in the statement, noted that the commission had already commenced an investigation into the scheme before its eventual collapse.
He explained that efforts were underway to arrest both the local and international operators behind the fraudulent scheme.
The statement read, “We are actively working to handle the CBEX situation.
“We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme.
“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. 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 with INTERPOL to trace the foreign operators.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging.
“The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment.”
Recall in 2016, it was Mundial Moneybox, MMM, before it crashed.
After MMM’s crash, Ultimate Cycler took root in Nigeria before it collapsed with investors’ funds trapped.
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Others include MBA Forex Trading and Capital Investment Limited, Twinkas, D9 Club, Famzhi Interbiz Limited, Red King’ Chinmark Group, Brisk Capital, and Ovaioza Farm Produce Storage are some of the Ponzi schemes that have defrauded thousands of Nigerians of funds amounting to billions of Naira.