Victor EzejaThe Economic and Financial Crimes Commission (EFCC) has assured investors in the CBEX digital trading platform that they would recover their funds.
The anti-graft agency said it would work hard to ensure that scammers are brought to justice and investors’ monies recovered.
Join our WhatsApp ChannelThe Commission disclosed that it had been tracking the digital trading platform before the latest incident.
Over the weekend, CBEX, which had assured investors of a 100 per cent return on investment, encountered a crisis when numerous users complained that they couldn’t withdraw their money, causing a frenzy on the social media.
Videos trending online showed investors lamenting and sobbing uncontrollably over their losses.
The office of Smart Treasure, a CBEX affiliate, in the Oke Ado neighbourhood of Ibadan, Oyo State, was reportedly invaded and looted by angry investors on Monday.
It is estimated that Nigerians have lost over N1.3 trillion in what now seems like a Ponzi scheme.
READ ALSO: How Nigerians Lost N1.3trn On CBEX Digital Trading Platform
The EFCC spokesperson, Dele Oyewale, who appeared on Channels Television’s breakfast programme, Morning Brief, on Wednesday, said the agency had in March alerted Nigerians about 58 suspected Ponzi scheme companies operating in Nigeria and the need to be careful in dealing with them.
However, checks revealed that CBEX was not among the companies listed by EFCC.
Oyewale said they have been warning Nigerians about Ponzi schemes and sensitising them on how to avoid falling victim to the operators, but many threw caution to the wind.
He said the Commission had been fielding numerous calls from Nigerians seeking information and solutions regarding the CBEX platform.
READ ALSO: EFCC Boss Raises The Alarm About Foreign Fraud Syndicates Forming Cells In Nigerian Cities
“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.
“Before the calls came, we were working, while the calls are coming, we are working; And even after the calls, we are still working.”
Oyewale stated that they have begun probing the activities of the digital trading platform in collaboration with INTERPOL and other international development partners.
The EFCC spokesperson revealed that the Commission had profiled the platform long before the recent turmoil.
He absolved the Commission of any responsibility for failure to stop the platform from duping Nigerians before it eventually crashed.
“We cannot lay any blame on the EFCC concerning this investment. That business venture is a Chinese digital trading company with no jurisdictional link with Nigeria. All these area offices that people are saying they have in Nigeria are not functional offices. The entire thing is digital and we have been warning Nigerians about engaging with such platforms.”
Oyewale said the EFCC is working in collaboration with the INTERPOL and other international development agencies to ensure that operators of the platform are brought to book and also recover monies invested by Nigerians on the CBEX platform.
“Investors are going to get their money back, we are already working on that,” Oyewale assured.
READ ALSO: U.S. Mission, EFCC Strengthen Synergy In Fighting Financial Crimes
He reiterated that the incident could have been averted if Nigerians had heeded the agency’s warnings. He, however, stated that since it has happened, the agency would not leave the victims helpless.
“We have spread out our wings, talking to INTERPOL and all the necessary agencies across the world to be able to bring all the actors to book and investors will have their money back.”
He emphasised that the recovery might not be in the short term, but the agency would work to ensure that investors’ monies are recovered.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
This message is for anyone who has fallen victim to crypto investment scams. There are many false recommendations out there, so it’s important to be vigilant. I personally lost $50,000 in Bitcoin to an investment scam and was scammed again while trying to recover my funds.