EFCC recovers part of funds invested in CBEX, arrests some officials

Economic and Financial Crimes Commission (EFCC) said it has recovered part of the funds invested in CBEX, a Ponzi scheme by some Nigerians. Ola Olukoyede, its chairman, said this while speaking in an interview with TVC News. He did not disclose the real amount recovered, but he said the EFCC had made some progress. Olukayode also said some officials of the organization had been arrested in connection with the fraud. He said the EFCC was making efforts, said it was impossible to recover all the invested funds as the fraudsters used non-custodial wallets.
“We are still investigating a lot of wallets and the wallets they created are called non-custodian wallets; in other words, no KYC. So, you can’t trace it to anybody. 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.
“That is to the extent that we have gone. I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” he said. Recall that Nigerians were reported to have invested up to N1.3 trillion in CBEX before it collapsed in April.