The Economic and Financial Crimes Commission (EFCC) has revealed that funds from the collapsed CBEX crypto investment scheme have been traced to at least four countries, making full restitution to victims unlikely.
EFCC Chairman, Ola Olukoyede, disclosed this during an interview on Politics Today, a programme on Channels Television, on Wednesday. He said the anti-graft agency has frozen several accounts connected to the scheme and is working closely with international partners to recover stolen funds and arrest suspects.
“We have been able to freeze some reasonable amount of funds. But because most of the transactions were done in cryptocurrency and outside Nigeria, recovery is going to be very difficult,” Olukoyede said.
He explained that many of the funds were moved through crypto wallets controlled by foreigners, and that the cross-border nature of the scam complicates efforts to return money to victims.
“I won’t sit here and say every victim will be compensated. It is practically impossible. A lot of the money has already been moved out of reach,” he added.
Olukoyede also confirmed that three suspects are currently in EFCC custody and have made helpful statements, while more arrests are expected. The EFCC is now collaborating with authorities in other countries to trace and recover the missing funds.
CBEX, a digital trading platform, came under scrutiny in April after users complained they could no longer access their funds. The Securities and Exchange Commission (SEC) later confirmed that the platform was operating illegally, as it was not registered.
On April 30, the EFCC declared a foreign national, Elie Bitar, wanted in connection with the estimated $1 billion investment scam. A Federal High Court in Abuja also gave the commission approval to arrest and detain six CBEX promoters.
So far, at least eight Nigerians have also been declared wanted for their involvement in the scheme, as the EFCC widens its investigation into one of the biggest crypto-related fraud cases in Nigeria.
