The Economic and Financial Crimes Commission (EFCC) has moved to reassure Nigerians who invested in the embattled CBEX digital trading platform that efforts are in motion to recover their funds.
The commission revealed that CBEX had been under surveillance prior to the recent influx of complaints. The platform, which promised a 100% return on investment, reportedly began encountering issues last weekend when users experienced withdrawal failures.
Matters worsened on Monday when aggrieved investors stormed and looted the Ibadan office of Smart Treasure, a CBEX subsidiary.
Speaking on Channels TV’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale said the commission had already flagged CBEX as suspicious and had been tracking its activities.
“We didn’t wait for public complaints to step in. CBEX was already on our radar,” Oyewale stated. “Back on March 11, EFCC Chairman Mr. Ola Olukoyede directed that the public be alerted to the risks posed by such schemes.”
He added that CBEX was among 58 suspected Ponzi operations identified by the EFCC earlier this year, and that investigations had been ongoing well before the latest crisis.
“Since the news broke, we’ve received a flood of calls from affected investors. But we want Nigerians to know we’ve been on this and are now ramping up efforts,” he said.
Oyewale emphasized that although the recovery process may take time, victims should remain hopeful.
“It would be wrong to say nothing can be done. We are collaborating with Interpol and other international agencies to locate the culprits and recover the funds,” he assured.
“Our message is clear: justice will be done, and investors’ money will be recovered.”
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