EFCC Warns CBEX Probe is ‘Complex and Multinational,’ Confirms Arrests but Cautions Full One Point Three Trillion Naira Recovery May Be Impossible

The Economic and Financial Crimes Commission (EFCC) has described its ongoing probe into the alleged One Point Three Trillion Naira (over One Billion US Dollars) crypto fraud linked to the collapsed CryptoBank Exchange (CBEX) as “complex and multinational,” underscoring the significant challenges in fully recovering the vast sums lost by thousands of investors.

The digital investment platform, which operated under the corporate name of ST Technologies International Ltd., abruptly collapsed earlier this year, locking out investors and exposing what authorities suspect is a massive Ponzi scheme.

A key factor driving the complexity is the platform’s international operation. EFCC sources confirm that CBEX was run by a consortium of foreign nationals working with Nigerian collaborators. This structure has necessitated a multi-jurisdictional approach, with the anti-graft agency actively collaborating with the International Criminal Police Organisation (INTERPOL) to track the international actors and trace the flow of illicit funds.

The EFCC’s investigation has already yielded significant results. The agency has confirmed making key arrests of some promoters, and a Federal High Court in Abuja granted permission for the arrest and detention of six major alleged players in the scheme. Furthermore, the commission has successfully traced and recovered some of the funds that were laundered across four different countries.

However, the transnational nature of the digital fraud, coupled with the inherent difficulties in tracing cryptocurrency assets, has led the EFCC to caution the public that a full recovery of the entire One Point Three Trillion Naira capital may be unachievable. The EFCC continues to push its investigation, focusing on prosecution and maximum possible asset forfeiture to mitigate the financial damage suffered by Nigerian investors. The commission reiterated its commitment to cracking down on Ponzi schemes, urging citizens to be wary of investment opportunities promising unsustainable high returns.