By Peter Onyekachukwu 
By Peter Onyekachukwu
The Economic and Financial Crimes Commission (EFCC) has said that investigations into the controversial Crypto Bridge Exchange (CBEX), a digital investment platform that allegedly defrauded Nigerians of over ₦1.3 trillion, are complex and transnational in nature.
Chairman of the Commission, Ola Olukoyede, disclosed this on Thursday at a press briefing marking his second anniversary in office, held at the EFCC headquarters in Abuja.
Olukoyede, represented by the Head of Investigation, Abdulkarim Chukkol, said the CBEX case involved multiple jurisdictions, with several actors and transactions traced across different countries.
“As you are aware, the investigation is quite complex. When I say it’s complex, I mean it involves different jurisdictions. The modus operandi, as we all know, has to do with virtual currency,” Chukkol explained.
He revealed that funds obtained from Nigerian investors were laundered through multiple channels, with most of the custodians of the proceeds located outside the country.
“Those monies are gotten from Nigerians, and from there, they move through different layers of money laundering. The custodians of the monies we are tracing are not within Nigeria—they are in other jurisdictions,” he said.
According to him, the total amount involved runs into millions of dollars, and suspects from other countries are also being investigated.
“We are working with law enforcement agencies across the world. Some of the monies have been frozen, but recovery requires due legal processes before any funds can be repatriated,” Chukkol stated.
He added that the EFCC has already arrested and prosecuted key Nigerian players in the scam, with three suspects currently facing trial.
“In Nigeria, the major players were arrested and charged to court—one separately and two jointly. This is a necessary step to establish that a crime was committed, and that funds moved from Nigeria to other countries before any recovery process can be completed,” he added.
Reporters had earlier reported that no fewer than 600,000 Nigerians lost an estimated ₦1.3 trillion to the CBEX crypto investment scam, which collapsed in April 2025.