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By Akeem Atoyebi
Panic and depression have seized investors of CBEX, a digital trading platform, following its sudden crash and the disappearance of users’ funds.
Meanwhile, The Economic and Financial Crimes Commission (EFCC) says it has started an investigation into the alleged N1.3tn frauds perpetrated through a digital investment platform, CryptoBank Exchange, known as CBEX.
It could be recalled that the phony CBEX collapsed on Monday, and thousands of investors could not access their funds, with many of them invading the Lagos and Ibadan offices of the platform.
Weighing in, The EFCC spokesman, Dele Oyewale, stated on Tuesday that the anti-graft agency would collaborate with the International Criminal Police Organisation to probe the incident.
In his words, an investigation into CBEX had already begun been before its final collapse.
He noted that the commission is working hard to see that both the local and international operators behind the fraudulent scheme are arrested.
“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.
“We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory — the 58 companies we alerted the public about. There are many more we are currently investigating.
“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 INTERPOL to trace the foreign operators,” Oyewale stated.
Meanwhile, several Nigerians have been seen in viral videos breaking down in tears having seen that their accounts had been wiped clean, with some claiming to have lost millions of naira.
The platform, which operated exclusively in U.S. dollars, had promised a 100% return on investment within one month, attracting thousands of hopeful investors.
Trouble allegedly started when users started witnessing difficulties withdrawing their funds. Soon after, many reported that their account balances had mysteriously dropped to zero.
The crash has reportedy engendered a wave of outrage and despair, with emotional reactions flooding social media. In one widely circulated video, distressed women could be seen lamenting their losses and questioning how they fell for the scheme.
Matters escalated on Monday when a mob stormed the CBEX office located in the Oke Ado area of Ibadan, Oyo State.
Eyewitnesses reported that the aggrieved crowd forcefully gained access to the premises and looted furniture, including tables, couches, and other office equipment.
The looting is believed to have been sparked by anger over the platform’s collapse and the financial ruin it caused.
As of press time, authorities have yet to issue an official statement or confirm whether any arrests have been made in connection with the incident.
