CBEX scam: We’ve been able to recover some funds – EFCC

The Economic and Financial Crimes Commission (EFCC) has said it has started the process of recovering funds from Crypto Bridge Exchange (CBEX), the digital investment platform accused of scamming thousands of Nigerian investors.

This was disclosed by the chairman of the EFCC, Ola Olukoyede during an interview with TVC on Sunday.

According to Olukoyede, officials of the anti-graft agency have successfully arrested some individuals linked to the multi-billion dollar fraud that rocked the company.

Olukoyede’s words, “We have gone far with CBEX. We have been able to recover a reasonable amount of money.”

 The EFCC chairman while acknowledging some of the challenges faced in the recovery process revealed that the stolen funds traced by the commision to the company are in cryptocurrency.

He also said that the commission is having difficulty getting the funds back to dollars.

Reacting to more prying queries about the process undertaken by the commission, Olukoyede said he would prefer not to divulge information about the recovery.

He assured that operatives of the anti-graft agency are tracking some other suspects who are still at large over the matter.

He also stated that the commission is carrying out a series of forensic investigations on all the wallets connected to the controversial platform.

He said the wallets created on the platform are non-custodial – without proper KYC details as mandated by the law.

“So, from the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed,” Olukoyede added.