- EFCC declares Elie Bitar wanted in a ₦1.2 trillion CBEX crypto fraud case affecting 600K investors.
- Nigeria’s SEC confirmed CBEX was unregistered; promised 100% monthly ROI.
- A court approved the arrest of 6 CBEX promoters in broader $1B fraud probe.
The Economic and Financial Crimes Commission (EFCC) of Nigeria has declared Elie Bitar, a foreign national, wanted in connection with a massive crypto investment fraud. The scheme ran through the now-defunct Crypto Bridge Exchange (CBEX) and is believed to have defrauded thousands of Nigerian investors of over ₦1.2 trillion.
EFCC Tracks Key Player in Crypto Fraud
In a notice released Wednesday, the EFCC identified Bitar as the individual behind CBEX’s deceptive investment platform. The 41-year-old is accused of orchestrating a scheme that promised unrealistic returns while outside Nigeria’s financial regulatory framework.
Bitar was last known to reside at Eng. George Enemoh Crescent in Lekki Phase 1, Lagos. The commission has called on the public to assist in locating him. They urge anyone with relevant information to contact EFCC zonal offices nationwide.
Broader Investigation and Previous Suspects
As the investigation widens, EFCC revealed that eight other individuals had previously been declared wanted for their roles in promoting CBEX.
Related: Binance Executives Sue Nigeria’s NSA and EFCC for Rights Violation
These suspects are alleged to have helped convince investors to participate in the scheme. The development follows the voluntary surrender of one suspect.
CBEX Collapse Details and Investor Losses
Concerns around the CBEX platform first emerged in early April. At that time, users began experiencing difficulties withdrawing their funds. Panic intensified after the platform introduced a suspicious directive asking users to deposit additional amounts under the pretext of account verification.
CBEX, which had no visible social media presence or official transparency, claimed to offer a 100% return on investment within a month. This and referral bonuses lured many unsuspecting investors into the scheme. Meanwhile, local media Punch reported that the platform carted away over ₦1.2 trillion from over 600,000 Nigerians.
SEC Confirms CBEX Unregistered Status
Nigeria’s Securities and Exchange Commission (SEC) later confirmed that CBEX was not registered as an investment platform. SEC Director General Emomotimi Agama cautioned the public against trusting platforms without regulatory licenses.
The agency clarified that possessing a Special Control Unit Against Money Laundering (SCUML) certificate by CBEX’s associated entity, ST Technologies, did not equate to regulatory approval.
Related: Binance Executive’s Lawyer Questions EFCC’s Failure to Produce Evidence
Legal Actions: Court Order for Promoters
Notably, a Federal High Court in Abuja granted the EFCC permission to arrest and detain six key CBEX promoters. Justice Emeka Nwite issued the court order, which followed an ex parte motion presented by EFCC counsel Fadila Yusuf.
Authorities allege the scheme is tied to a broader $1 billion fraud case and are intensifying efforts to bring all involved parties to justice.
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