EFCC declares four suspects wanted over ₦1.3 Trillion CBEX Crypto fraud

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted in connection with the massive fraud involving Crypto Bridge Exchange (CBEX), an online trading platform.

The suspects, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, were listed in a wanted notice shared by the anti-graft agency across its official social media pages on Friday.

According to the EFCC, the four are being sought over their alleged involvement in fraudulent activities on the CBEX platform.

“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 agency’s notice read.

This latest development comes shortly after a ruling by the Federal High Court in Abuja, where Justice Emeka Nwite granted the EFCC’s request to arrest and detain six promoters of the collapsed crypto platform.

The court order, secured through an ex parte motion moved by EFCC’s counsel, Fadila Yusuf, allows the commission to hold the suspects pending the completion of investigations and possible prosecution.

The CBEX platform, which promised investors impressive returns through digital asset trading, abruptly crashed earlier in April, reportedly wiping out over ₦1.3 trillion in investors’ funds.

The incident has once again stirred conversations about the increasing vulnerability of Nigerians to fraudulent online investment schemes.