CBEX: EFCC traces funds to four countries, says refund unlikely

The Economic and Financial Crimes Commission (EFCC) has confirmed that funds related to the cryptocurrency trading platform Crypto Bridge Exchange (CBEX) scheme have been traced to at least three to four countries.

EFCC chairman, Ola Olukoyede, disclosed this during a Channels TV interview aired on Wednesday night; however, he withheld the names of the countries.

“We have been able to trace funds to three to four countries. We have been able to block some accounts,” Mr Olukoyede stated. “We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds we have been able to freeze.”

The EFCC boss said the principal parties involved in the Ponzi scheme are foreigners, noting the commission would not be able to restore every victim affected.

“In fact, the principal parties behind the entire scheme. Most of them are foreigners; they are not within our jurisdiction, and you know what that entails,” Mr Olukoyede said.

He added, “I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system.”

Mr Olukoyede further confirmed that three suspects have been arrested in connection with the scheme, adding their statements would be useful in the commission’s investigation.

CBEX Ponzi scheme, disguised as a cryptocurrency trading platform, crashed last month, resulting in thousands of Nigerians losing their hard-earned money.

EFCC later declared Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun wanted over alleged links to the scheme.

The Abuja Division of the Federal High Court also gave the anti-graft agency the go-ahead to arrest and detain six promoters of the scheme over alleged investment fraud to the tune of over one billion dollars.