The Economic and Financial Crimes Commission (EFCC), has disclosed that it had recovered lost funds by Nigerian customers to the CBEX fraud scheme
The Chairman of the anti-graft agency, Ola Olukoyede, who made this disclosure but did not say the actual amount recovered from the fraudulent digital currency company, assured Nigerians that the commission was taking action against the promoters of the scheme.
According to him, the suspects arrested during the cyber fraud investigations are facing prosecution.
He said: “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”
- Advertisement -
Olukoyede also urged Nigerians to exercise caution when investing their resources in digital currency promoting companies.
He clarified: “Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the anti-graft agency will follow up the case to the end to ensure that justice is done.
Olukoyede maintained: “We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task.”
