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CBEX: ‘You‘ll Get Your Money Back,’ EFCC Assures Investors

by Nafisat Abdulrahman
1 month ago
in Business
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The Economic and Financial Crimes Commission (EFCC) has assured Nigerians that efforts were underway to trace and recover the N1.3 trillion stolen funds from the crashed digital investment platform, CryptoBank Exchange (CBEX).

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Speaking on Channels Television’s ‘The Morning Brief’ on Wednesday, EFCC spokesperson Dele Oyewale said the commission had taken proactive steps to educate the public about illegal and unrealistic investment schemes before now.

LEADERSHIP reports that CBEX, a digital trading company of Chinese origin, allegedly crashed on Monday, leaving thousands of Nigerian investors unable to access their funds.

Videos circulating online have shown victims lamenting their losses.

Despite the losses suffered by many investors, the EFCC assured that efforts were underway to trace and recover the stolen funds.

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The commission said it was working closely with international partners, including Interpol.

“It would be very irresponsible and unprofessional of the EFCC to say you have lost your money and there is nothing the commission can do about it,” Oyewale said.

“We’re already working with Interpol and international development agencies to ensure that these people are brought to book. Investors are going to get their money back.”

While he cautioned that recovery may not happen immediately, he insisted the commission would not abandon victims of the scam.

“Escapism is not a solution to any problem. The EFCC, as Nigeria’s leading anti-corruption agency, will not allow investors to just lose their money like that. We are more responsible and professional than that,” Oyewale concluded.

The commission also reiterated its warnings to Nigerians about the dangers of Ponzi schemes, following the collapse of digital investment platform CBEX, which has reportedly defrauded investors of over N1.3 trillion.

“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, instructed us to alert Nigerians about 58 Ponzi scheme companies,” Oyewale said.


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Tags: CryptoBank Exchange (CBEX)Economic and Financial Crimes Commission (EFCC)
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Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

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