EFCC Reveals New Details on Ongoing Probe of CBEX Scheme

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By Alofe Ayomoses

The Economic and Financial Crimes Commission (EFCC) has said its ongoing investigation into the collapsed CBEX cryptocurrency investment scheme is one of the most complex and far-reaching financial fraud cases it has ever handled.

Abdulkarim Chukkol, the Head of Investigation at the EFCC, who represented the Commission’s Chairman, Ola Olukoyede, made this known on Thursday in Abuja during a press briefing to mark Olukoyede’s second year in office.

Chukkol described the CBEX probe as “a multinational and multi-layered operation,” involving intricate financial transactions and key suspects spread across several countries.

Funds Traced to Foreign Accounts

According to him, the investigation uncovered how millions of dollars collected from Nigerians through the CBEX platform were laundered through several channels, with most of the funds ending up in foreign accounts.

“The custodians of the funds we are tracing are not within Nigeria; they are in other jurisdictions. We are working with law enforcement agencies across the world. Some of the funds have already been frozen, but repatriating such money takes legal procedures.l,” Chukkol said.

He further revealed that some foreign nationals linked to the scam are also under investigation as the EFCC collaborates with its global partners to recover stolen assets.

Nigerian Suspects in Court

Chukkol confirmed that key local actors in the scheme have been arrested and are currently being prosecuted.

“In Nigeria, the major players have been arrested and are being prosecuted. We have charged three suspects to court, one individually and two jointly,” he said.

He explained that domestic prosecution was necessary to establish Nigeria’s claim to the frozen funds abroad. “We must first show that a crime was committed here and that funds were moved from Nigeria to other countries,” he added.

Thousands of Nigerians Defrauded

CBEX, an online trading and investment platform, attracted thousands of Nigerians with promises of huge returns on cryptocurrency trading, referral bonuses and guaranteed profits.

However, in April 2025, the platform suddenly went offline, locking investors out of their accounts and triggering widespread outrage across social media and financial communities.

The EFCC swiftly opened an investigation into the matter after receiving multiple petitions from victims across different states.

International Cooperation Ongoing

The EFCC says it is working closely with foreign law enforcement bodies to trace the funds and bring the culprits to justice.

“Recovering money that has crossed borders requires time, patience, and legal cooperation,” Chukkol noted. “We are following the right processes to ensure every stolen kobo is traced and recovered.”

The EFCC assured Nigerians that justice would be served, promising to continue its efforts until the full network behind the CBEX fraud is exposed and the stolen funds are returned to victims.