The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into the alleged N1.3 trillion investment scam involving CryptoBank Exchange (CBEX), a digital trading platform that recently collapsed, leaving thousands of investors stranded.
The platform, operated by a network of foreign nationals and their Nigerian partners, reportedly promised investors 100% returns within 30 days. However, following restricted withdrawals since April 9, 2025, CBEX crashed on Monday, sparking panic and outrage across the country.
On Tuesday, aggrieved investors stormed the company’s offices in Lagos and Oyo States. In Ibadan, enraged victims broke into the CBEX office in Oke Ado, carting away furniture and office equipment in protest.
Confirming the development, EFCC spokesperson, Dele Oyewale, said the commission had already been monitoring the platform prior to its collapse and would now intensify efforts in collaboration with the International Criminal Police Organisation (INTERPOL) to bring the perpetrators to justice.
“We had gathered intelligence on CBEX before the incident occurred. Now that it has collapsed, the commission is moving swiftly to apprehend the major actors and their collaborators,” Oyewale said.
He assured the public that the EFCC would pursue all legal avenues to ensure justice is served and funds recovered where possible.
“We are determined to protect Nigerians from fraudulent investment schemes. Recall that we recently issued an advisory listing 58 companies engaged in suspicious operations. Investigations are still ongoing into many more.
“In the case of CBEX, we are working closely with other regulatory agencies and international partners, including INTERPOL, to trace both the local and foreign masterminds behind the scheme.
“Where recovery is possible, we will recover. Where prosecution is necessary, we will prosecute,” he said.
Oyewale also disclosed that several other similar fraud schemes are currently under the radar of the Commission, with fresh crackdowns imminent.
