(EFCC) of Nigeria has taken action against a fraudulent crypto investment schem

The Economic and Financial Crimes Commission (EFCC) of Nigeria has taken action against a fraudulent crypto investment scheme known as Crypto Bridge Exchange (CBEX).

The commission has invited all victims of this scam to come forward and report their experiences to the EFCC zonal directorates in Ibadan and Lagos. The move follows the prosecution of three individuals, Adefowora Abiodun Olanipekun, Otorudo Avwerosuo, and Ehirim Justice Chukwuebuka, who are accused of being involved in the operation of CBEX.

CBEX had lured investors with promises of unrealistically high returns on their investments, which ultimately led to substantial financial losses for many Nigerians. In an effort to recover the stolen funds and bring justice to those affected, the EFCC is now urging people who invested through CBEX offices or individuals connected to the scheme in Ibadan and Idimu, Lagos, to report to the relevant authorities.

The EFCC Zonal Directorate in Ibadan can be found at 16A, Reverend Oyebode Crescent, Iyaganku, Oyo State, while the Lagos zonal office is located at 7A, Okotie-Eboh Street, Ikoyi. By reporting to these offices, victims can provide essential information that may help in the ongoing investigation and potential recovery of their funds.

This action underscores the growing concern over fraudulent crypto investment schemes that exploit the lack of regulatory oversight and public awareness about the risks associated with cryptocurrencies. As the popularity of digital assets continues to rise, it is crucial for investors to remain vigilant and verify the authenticity of investment opportunities before committing their funds. Additionally, it highlights the importance of regulatory bodies in protecting consumers from financial crimes and ensuring the integrity of the investment market.