A foreign national has been listed as wanted by the Economic and Financial Crimes Commission (EFCC) in relation to the collapse of the CBEX cryptocurrency platform, reported Vanguard newspaper.
NaijaSphere is aware that the inquiry into what seems to be yet another investment scheme that has prevented many Nigerians from accessing their money has significantly increased as a result of this development.
The EFCC has urged the public to submit any information that could result in the capture of Bitar, the sought person, according to Vanguard’s reporting. Following the bitcoin investment platform’s sudden shutdown, which left investors stranded, the anti-corruption bureau took this action.
The EFCC’s public announcement is a component of the commission’s continuous efforts to combat fraudulent investment schemes that are active in Nigeria.
The Vanguard report reveals that EFCC was already aware of and investigating the spread of Ponzi schemes, including CBEX, even before the platform’s collapse. This implies the anti-corruption agency questioned the legitimacy of the operation before its final collapse.
Regulatory Response to Increasing Investment Scams
The EFCC’s move against the CBEX suspect is consistent with larger regulatory concerns about the growing number of questionable investment platforms that target Nigerian people. “The commission is committed to combating financial crimes in Nigeria,” an EFCC official told Vanguard. This declaration demonstrates Nigeria’s premier anti-corruption agency’s willingness to prosecute people involved in financial fraud schemes, regardless of nationality.
According to NaijaSphere’s study, the Securities and Exchange Commission (SEC) has previously issued warnings regarding unlicensed investment schemes that operate without adequate registration or regulatory clearance. The CBEX case appears to match the pattern of unregistered platforms promising investors profits.
Public Vigilance is Urged While the Investigation Continues
As the EFCC pursues the sought foreign national, financial professionals interviewed by NaijaSphere stress the necessity of public alertness when examining investment opportunities, particularly those involving cryptocurrencies.
The Vanguard report did not disclose the overall amount of money involved in the CBEX case or the number of affected investors. However, previous bitcoin investment scams in Nigeria have left thousands of victims with severe financial losses.
NaijaSphere will keep you updated on developments in this subject as the EFCC probe continues. The public is encouraged to report any information concerning the whereabouts of the sought person to the proper authorities.
The case serves as yet another warning of the risks connected with unregulated investing platforms, as well as the significance of double-checking any financial service provider’s qualifications and regulatory compliance before committing funds.
As previously reported by Vanguard, the probe is ongoing, with officials determined to bring individuals responsible for the CBEX platform collapse to justice.
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