EFCC Declares Eight Suspects Wanted Over Failed ₦1.3 Trillion CBEX Ponzi Scheme
The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted in connection with the collapse of the Crypto Bridge Exchange (CBEX) platform, an alleged Ponzi scheme that defrauded Nigerians of approximately ₦1.3 trillion ($1 billion).
According to the EFCC, the suspects include four Nigerians—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede—as well as four foreign nationals—Johnson Otieno, Israel Mbaluka, Joseph Kabera, and Serah Michiro. They are accused of using ST Technologies International Limited as a front to promote CBEX, promising investors unrealistic returns of up to 100% within 30 days……CONTINUE READING
Investors were allegedly instructed to convert their assets into the stablecoin USDT and deposit them into wallets controlled by the syndicate. After raising more than $1 billion, the platform became inaccessible, blocking users from retrieving their funds.
The EFCC also disclosed the last known addresses of some suspects, mainly in Lagos and Ibadan, and has urged the public to report any information on their whereabouts to the Commission’s offices nationwide.
This development follows a recent court order approving the arrest and detention of six other CBEX promoters as the EFCC intensifies its crackdown on crypto-related investment frauds in Nigeria.
The Commission emphasized its commitment to tracking down all individuals responsible for the scheme, warning Nigerians to remain cautious of investment offers promising unusually high returns.
