Crypto Bridge Exchange (CBEX) Scam: EFCC Makes Progress and Update on Wanted Persons
CBEX report: EFCC provides update on investigations; Ellie Bitar removed from wanted persons list
The Economic and Financial Crimes Commission (EFCC) is making headway in its investigation into the alleged fraud involving the Crypto Bridge Exchange (CBEX). Here's what you need to know:
Ellie Bitar Removed from Wanted List
Ellie Bitar, a Lebanese national linked to CBEX Solutions Ltd., has been taken off the EFCC's wanted list. This action follows new evidence that absolves Bitar of any involvement in the fraudulent activities[1][2][3].
Ongoing Investigations
Despite clearing Bitar, the EFCC is still hot on the trail of eight other individuals suspected of being involved in the purported massive fraud. These individuals are Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera, and Serah Michiro[2][4].
International Cooperation
In its quest to bring all suspects to justice, the EFCC is collaborating with law enforcement agencies worldwide to track and apprehend the remaining targets[1][4].
Background: The CBEX Scam
The CBEX fraud case revolves around accusations of a widespread cryptocurrency scam that victimized numerous investors. The platform is accused of functioning without proper registration, resulting in substantial financial losses[1][2].
Resurgence of CBEX Activities
Despite the EFCC's efforts, reports suggest that CBEX-related activities have resurfaced in Nigeria, complicating the agency's efforts to stamp out the fraud[5]. This development underscores the ongoing challenge of addressing cryptocurrency-related scams in the region.
Further Reading
- EFCC Invites Tompolo For Questioning
- Naira Is Symbol Of Our Economy, No One Should Abuse It - EFCC
- Asset Declaration Compulsory For Public Officials - CCB
- EFCC Arrest 17 Suspected 'Yahoo Boys' In Kwara
- EFCC Arrests Fred Ajudua
- Naira Abuse: EFCC To Grill Tompolo
- Despite Ellie Bitar being cleared of any involvement in the Crypto Bridge Exchange (CBEX) scam, the Economic and Financial Crimes Commission (EFCC) is still pursuing eight other individuals believed to be associated with the fraud, such as Seyi Oloyede, Emmanuel Uko, and Adefowora Oluwanisola.
- In a global effort to bring all suspects to justice, the EFCC is collaborating with law enforcement agencies across the world to track and apprehend the remaining CBEX fraud suspects, including Israel Mbalika, Joseph Michiro Kabera, Serah Michiro, and Johnson Okiroh Ofienolu.
- The CBEX scandal, which involves accusations of a massive cryptocurrency scam, has international ramifications and is of great concern in the realms of general news, politics, and crime and justice.
- As the EFCC continues its investigation, reports show that CBEX-related activities have reportedly resurfaced in Nigeria, making it difficult for the agency to eradicate the fraud and highlighting the challenges of combating cryptocurrency-related scams in the region.
