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JUST IN: EFCC has released names and pictures of individuals responsible for ₦1.3 trillion naira CBEX scam

 

 

The Economic and Financial Crimes Commission (EFCC) has released names and pictures of persons responsible for ₦1.3 trillion naira CryptoBank Exchange (CBEX) scam that defrauded over 600,000 Nigerians through a fake investment platform. The Commission released their photos on its official X (formerly Twitter) account, calling on the public to provide information on their whereabouts.

 

The individuals declared wanted include Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others who allegedly ran the fraudulent scheme under the name ST Technologies International Ltd. According to the EFCC, the syndicate used forged documents bearing the logos and approvals of the Corporate Affairs Commission (CAC), the EFCC itself, and other regulatory bodies to deceive unsuspecting investors. They promised a 100% return on investment within 30 days using alleged artificial intelligence-driven cryptocurrency trading—a claim that turned out to be entirely fabricated.

Justice Emeka Nwite of the Federal High Court in Abuja issued a warrant of arrest and remand for the six suspects following an ex parte motion filed by the EFCC. Investigations suggest that some of the suspects may have already fled the country. The EFCC has since enlisted the help of INTERPOL to aid in tracking down and apprehending the suspects.

Earlier in March 2024, the EFCC had warned Nigerians against investing in CBEX, naming it as one of 58 illegal Ponzi schemes flagged for public caution. Despite these warnings, many Nigerians fell victim to the scam, investing large sums in what was falsely marketed as a government-approved platform.

The EFCC urged anyone with useful information about the whereabouts of the suspects to come forward, emphasizing that justice must be served to restore public trust and deter future scams.

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