The Economic and Financial Crimes Commission (EFCC) has made significant progress in its investigation into the Crypto Bridge Exchange (CBEX) fraud, which defrauded over 600,000 Nigerians of an estimated ₦1.3 trillion.
Key Developments:
Fund Recovery: EFCC Chairman Ola Olukoyede announced that the commission has recovered a "reasonable amount" of the stolen funds. While the exact figures remain undisclosed due to the ongoing investigation, the recovered assets were primarily held in cryptocurrency wallets, complicating the conversion back to cash .
Arrests and Legal Actions: Several suspects connected to the CBEX scheme have been arrested. Notably, Adefowora Abiodun surrendered to the EFCC in April. Additionally, a federal high court has authorized the arrest and detention of six other CBEX promoters, including Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede .
International Efforts: The EFCC has traced the stolen funds to at least four countries, including European nations and Cambodia. The commission is collaborating with international partners and agencies like Interpol to recover the funds and apprehend suspects who are still at large .
Challenges in Recovery: Due to the use of non-custodial cryptocurrency wallets by the fraudsters, which lack identifiable ownership, the EFCC faces challenges in tracing and converting the digital assets back to fiat currency. The commission acknowledges that full restitution to all victims may not be possible, but efforts are ongoing to recover as much as feasible .
Assurance to Victims:
The EFCC has assured affected investors that it is committed to recovering their funds and bringing the perpetrators to justice. While the recovery process may be complex and time-consuming, the commission emphasizes its dedication to ensuring that victims receive restitution .
For those affected by the CBEX fraud, it is advisable to stay informed through official EFCC channels and cooperate with any ongoing investigations.
The Economic and Financial Crimes Commission (EFCC) has made significant progress in its investigation into the Crypto Bridge Exchange (CBEX) fraud, which defrauded over 600,000 Nigerians of an estimated ₦1.3 trillion.
Key Developments:
Fund Recovery: EFCC Chairman Ola Olukoyede announced that the commission has recovered a "reasonable amount" of the stolen funds. While the exact figures remain undisclosed due to the ongoing investigation, the recovered assets were primarily held in cryptocurrency wallets, complicating the conversion back to cash .
Arrests and Legal Actions: Several suspects connected to the CBEX scheme have been arrested. Notably, Adefowora Abiodun surrendered to the EFCC in April. Additionally, a federal high court has authorized the arrest and detention of six other CBEX promoters, including Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede .
International Efforts: The EFCC has traced the stolen funds to at least four countries, including European nations and Cambodia. The commission is collaborating with international partners and agencies like Interpol to recover the funds and apprehend suspects who are still at large .
Challenges in Recovery: Due to the use of non-custodial cryptocurrency wallets by the fraudsters, which lack identifiable ownership, the EFCC faces challenges in tracing and converting the digital assets back to fiat currency. The commission acknowledges that full restitution to all victims may not be possible, but efforts are ongoing to recover as much as feasible .
Assurance to Victims:
The EFCC has assured affected investors that it is committed to recovering their funds and bringing the perpetrators to justice. While the recovery process may be complex and time-consuming, the commission emphasizes its dedication to ensuring that victims receive restitution .
For those affected by the CBEX fraud, it is advisable to stay informed through official EFCC channels and cooperate with any ongoing investigations.
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