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

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).

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.

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.