The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted in connection with a massive fraud allegedly carried out through Crypto Bridge Exchange (CBEX), a digital trading platform that recently collapsed under controversial circumstances.
The four suspectsAdefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyedeare accused of orchestrating a fraudulent scheme that defrauded thousands of unsuspecting investors of their hard-earned funds through the now-defunct platform.
In a public notice shared across its official social media handles on Friday, the EFCC called on members of the public to assist in locating the wanted individuals. The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX), the announcement stated.
The EFCCs action comes on the heels of a Federal High Court ruling in Abuja, where Justice Emeka Nwite granted the commissions request for an order to arrest and detain six promoters of CBEX. The ruling followed an ex parte application filed by EFCC counsel, Fadila Yusuf, seeking legal backing to apprehend those linked to the platforms operations pending the conclusion of investigations and the initiation of possible criminal prosecutions.
Justice Nwite, in granting the order, noted that the gravity of the allegations and the need for a thorough investigation justified the detention of the suspects. He emphasized that the courts decision was necessary to prevent the suspects from fleeing or tampering with evidence.
The development is a significant step in the EFCCs broader investigation into the sudden collapse of CBEX, which, earlier in April, reportedly wiped out over ?1.3 trillion in investors funds. The crash, which took place on a Monday morning, left a trail of financial ruin across Nigeria, with countless individuals and families losing their life savings overnight.
The abrupt collapse of the platform has reignited concerns about the proliferation of fraudulent investment schemes targeting Nigerians, particularly in the cryptocurrency and digital finance sectors. Despite repeated warnings from regulatory agencies about the risks associated with unregulated digital investments, many Nigerians have continued to fall prey to promises of quick returns and unrealistic profits.
Observers have noted that the CBEX case is one of the largest financial scams involving digital assets in Nigerias history, both in terms of the amount lost and the number of victims affected. Calls have intensified for stricter regulatory oversight, improved financial literacy campaigns, and harsher penalties for promoters of such fraudulent schemes.
Meanwhile, the EFCC has urged anyone with information regarding the whereabouts of the declared suspects to contact the nearest EFCC office or report through its official communication channels. The commission reiterated its commitment to bringing all those involved in the CBEX fraud to justice and recovering stolen funds for the benefit of the victims.
As investigations deepen, Nigerians are closely watching to see whether the EFCCs actions will not only bring justice to those defrauded but also serve as a deterrent to the growing number of cyber and investment fraudsters exploiting the countrys largely unregulated digital economy.
