Interpol Joins EFCC in Crackdown on N1.3 Trillion CBEX Crypto Fraud

The Economic and Financial Crimes Commission (EFCC) has intensified its investigation into a massive cryptocurrency investment fraud linked to the defunct CryptoBank Exchange (CBEX), which is estimated to have defrauded investors of over N1.3 trillion. The commission confirmed it is working closely with the International Criminal Police Organisation (Interpol) to trace and apprehend both Nigerian and foreign suspects involved in the scheme.

CBEX, a platform reportedly run by a mix of foreign nationals and local partners, abruptly shut down operations on Monday, leaving thousands of investors locked out of their accounts. Users reported waking up to find their balances wiped, while the platform demanded fresh deposits before granting access — a tactic many now believe was part of the elaborate scam.

EFCC spokesperson Dele Oyewale revealed that the commission had begun investigating CBEX prior to its collapse based on early intelligence. He stated that the EFCC is determined to bring the key players and their collaborators to justice, emphasizing that the agency is already closing in on local accomplices while Interpol aids in tracking foreign suspects.

Oyewale also hinted at a broader crackdown on similar fraudulent platforms currently under investigation. He warned Nigerians to be wary of schemes promising unrealistic returns and assured that the EFCC is actively working to dismantle such operations.

Although the EFCC has not yet confirmed the full scale of the losses, unofficial estimates suggest over $847 million — roughly N1.3 trillion — may have been stolen, affecting both Nigerian and foreign investors. CBEX had promised returns of 100% within 30 days, a lure that attracted thousands. Withdrawal restrictions began on April 9, 2025, escalating investor panic.

In a move now widely regarded as a final ploy to extract more money, CBEX requested users to make deposits of $100 to $200 under the guise of account verification before enabling withdrawals. This tactic duped even more victims before the platform’s final crash.

The Securities and Exchange Commission (SEC) recently reiterated warnings against investing in unregistered trading platforms. Under the newly enacted Investment and Securities Act, 2025, it is now a criminal offence to operate without proper licensing. SEC Director-General Dr. Emomotimi Agama advised all platform operators to comply with registration requirements to avoid sanctions.

Public anger over the CBEX debacle has escalated. In Ibadan, Oyo State, enraged investors stormed the company’s office in Oke Ado, vandalizing property and carting away furniture in protest. Security forces, including the Nigeria Police and Operation Amotekun, were deployed to restore calm.

CBEX had relied heavily on social media marketing and peer referrals, aggressively pushing its message of high returns. Investigators also revealed that the platform frequently changed its domain names between January 2024 and February 2025, a move they believe was aimed at dodging regulatory oversight.