EFCC Declares Four Wanted Over Alleged CBEX Fraud

By Mabeni Aboh

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over alleged fraud perpetrated on Crypto Bridge Exchange (CBEX), a digital asset trading platform. The suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

The development follows the collapse of CBEX in April, which resulted in the loss of over ₦1.3 trillion from investors' wallets. The platform's sudden crash left many Nigerians devastated and sparked renewed debate about the susceptibility of investors to fraudulent schemes. The EFCC had obtained a court order from the Abuja Federal High Court to arrest and detain six CBEX promoters pending the conclusion of the investigation and possible prosecution.

The EFCC published a wanted notice across its social media platforms, notifying the public that the four individuals are wanted for alleged fraud perpetrated on the CBEX platform. The anti-graft agency is likely to intensify its efforts to track down the suspects and bring them to justice. The EFCC's action is seen as a step towards recovering the lost funds and holding those responsible accountable for their actions. The case highlights the need for investors to exercise caution when dealing with digital asset trading platforms and the importance of regulatory oversight in preventing such incidents.