EFCC arraigns two over alleged CBEX investment fraud in Abuja
Both defendants pleaded not guilty to the charges.
CBEX
CBEX returns, demands $200 from victims to access frozen funds
“We were asked to pay $200 to continue trading before applying for withdrawal…Those with investments below $1,000 must pay $100.” – Victims
CBEX investors rejoice as frozen funds return amid EFCC probe
Traders are now able to access their accounts and resume trading with renewed assurance, following weeks of tension and uncertainty.
“From CBEX to Conspiracies: Why Nigerians Keep Falling for Scams and Misinformation” – Reno Omokri
Many Nigerians lost trillions to CBEX, reflecting a pattern of gullibility driven by misinformation, conspiracy theories, and blind trust in unverified social media claims and fraudulent investment schemes.
EFCC: Full refund to CBEX victims ‘practically impossible’ as funds traced abroad
“Most of the illicit transactions were routed through crypto wallets outside Nigeria’s jurisdiction,” he said.
We’ve traced CBEX crypto scam funds to four nations, full recovery impossible – EFCC
‘I will not sit down and tell you that we are going to restitute every victim.’
CBEX returns as platform quietly resume operation amid audit, ban
Promoters insist the platform is insured and have introduced a capital injection system, allowing previous investors to restore account balances by depositing additional funds.
Wanted CBEX promoter surrenders to EFCC
Other suspects – Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim – remain at large.
Four suspects wanted by EFCC for alleged CBEX fraud
The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over an alleged fraud on Crypto Bridge Exchange (CBEX), a digital trading platform.
Court permits arrest, detention of six CBEX promoters
The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) approval to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud.
Justice Emeka Nwite issued the ruling on Thursday following submissions by EFCC counsel, Fadila Yusuf.
“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf stated.
The suspects, using ST Technologies and CBEX, allegedly lured investors by promising up to 100% returns on cryptocurrency investments. After funds were deposited into USDT wallets, the platform was shut down.
The EFCC said the firms were unlicensed for investment activities and the suspects fled known addresses. Justice Nwite ruled, “I am of the view that the application is meritorious. Consequently, the application is granted as prayed.”