Interpol collaborates with the EFCC in the investigation of the N1.3 trillion CBEX case.

Nigerians are familiar with Ponzi schemes, and CBEX has become part of a lengthy history of successful scams. Investors claim that the individuals behind the digital platform have stolen more than N1.3 trillion from their accounts after it collapsed on Monday.

The Economic and Financial Crimes Commission has initiated an inquiry into the purported N1.3 trillion frauds carried out via a digital investment platform known as CryptoBank Exchange.

The platform has now earned a spot in the country’s hall of fame for scams. This list features the Mavrodial Mondial Movement (MMM) from 2016 to 2017, which impacted more than three million Nigerians, along with other schemes like Twinkas, Ultimate Cycler, Zar Fund, Givers Forum, iCharity, Get Help Worldwide, and others.

CBEX was introduced in Nigeria in July 2024, offering investors a 100 percent return within 30 days. Participants were motivated to refer others, receiving bonuses and tiered rewards depending on the extent of their referral network.

Dele Oyewale, the spokesperson for the EFCC, informed The PUNCH on Tuesday that the commission plans to work with the International Criminal Police Organisation to look into the matter. He also mentioned that the agency had initiated an investigation into CBEX prior to its downfall.

He stated, “We had prior intelligence regarding the situation. We were already addressing it, but now that the plan has failed, the key individuals and their associates will be apprehended.”

“In general, we will put forth our utmost effort. Furthermore, there are various similar frauds happening nationwide that many people do not know about, and we are actively investigating them. We are collaborating with local partners while also working with INTERPOL to track down the international perpetrators,” he stated.