UPDATED: EFCC traces CBEX funds to multiple countries, recovery underway

The Economic and Financial Crimes Commission says it has traced funds linked to the failed crypto bridge exchange scheme to at least four countries.

 

Speaking on Politics Today, a Channels Television programme, on Wednesday, Ola Olukoyede, EFCC chairman, said although efforts are underway to recover the stolen funds, full restitution to victims may be impossible.

 

Olukoyede said several accounts have been blocked and funds frozen, although the amounts cannot be disclosed yet.

 

He said most of the transactions were conducted in cryptocurrency and routed through wallets beyond Nigeria’s jurisdiction.

 

“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” the EFCC boss said.

 

“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system.

 

“We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners, they are not within our jurisdiction, and you know what that entails.

 

“In fact, it took our impunity, our proficiency, to be able to even freeze some assets that we have done now. So, yes, we’ve embarked on that journey. Whatever we can get back, we will get it back and let Nigerians know. But we will not be able to confirm that we will restitute every victim. That may be practically impossible.”

 

He added that the agency has arrested three suspects who are currently in custody and have made “very useful statements” to investigators.

 

“We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” Olukoyede said.

 

“We have been so committed to this investigation because we have promised Nigerians. We have gone deep, we have gone far. We have established contact with our foreign counterparts, and we have been able to make some inroads.”

 

In April, reports emerged that CBEX users could no longer withdraw their funds.

 

Many Nigerians who had invested in the platform reportedly lost their funds.

 

The Securities and Exchange Commission had said that the CBEX digital trading platform is not registered with the agency.

 

Recently, a federal high court in Abuja granted permission to the EFCC to arrest and detain six CBEX promoters over a $1 billion investment fraud allegation.

 

Emeka Nwite, the presiding judge, gave the order following an ex parte application made by Fadila Yusuf, counsel to the EFCC.

 

Also, the EFCC, on April 30, declared Elie Bitar, a foreign national, wanted over the alleged fraud perpetrated on the trading platform.

 

Bitar joins the list of the eight Nigerians who were previously declared by the EFCC for allegedly promoting the CBEX scheme.

 

 

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