EFCC Removes Foreign National From CBEX Wanted List Amid Ongoing Investigation

The Economic and Financial Crimes Commission (EFCC) has officially removed the name of a foreign national, Elie Bitar, from its wanted list over the Crypto Bridge Exchange (CBEX) fraud investigation. Bitar was previously declared wanted on April 30, 2024, for his alleged involvement in the suspected Ponzi-style scheme operated under the guise of the CBEX online trading platform.

In a now-deleted notice previously posted on the agency’s official X handle, EFCC had identified Bitar’s last known address as Lekki Phase 1, Lagos, and urged the public to provide information leading to his arrest. However, in a fresh statement released on Wednesday, EFCC spokesperson Dele Oyewale confirmed that Bitar has been delisted following new findings that no longer support his earlier designation as a suspect.

EFCC Makes Progress in CBEX Fraud Investigation

According to Oyewale, the EFCC is making “good progress” in the continuing probe into the CBEX scandal, which left scores of Nigerian investors in financial distress. The agency reiterated its commitment to tracking down and prosecuting all individuals found culpable in the scheme, which allegedly siphoned millions of naira through deceptive cryptocurrency investments.

“The Commission is gaining important ground in its investigations,” Oyewale stated. “Law enforcement agencies across the world are collaborating with us in tracking and arresting all the wanted persons. The EFCC will not relent in bringing every actor involved in the fraudulent dealings to book.” The agency reaffirmed that its mission is not only to recover stolen assets but also to restore investor confidence in the digital financial space.

CBEX Collapse Sparks Outrage and Legal Action

The CBEX platform came under heavy scrutiny in April when it reportedly crashed, triggering widespread panic and financial losses among Nigerian users. Multiple social media videos showed affected individuals lamenting the loss of their savings, prompting urgent calls for government intervention and accountability from regulatory bodies.

In response, the EFCC intensified its investigations and subsequently declared eight individuals wanted for their roles in promoting and operating the CBEX trading platform. The Federal High Court in Abuja also granted the Commission the legal authority to arrest and detain suspects connected to the scheme, further solidifying the agency’s resolve in pursuing justice for defrauded investors.

International Collaboration and Broader Crackdown

The EFCC emphasized that its efforts to dismantle the CBEX network extend beyond Nigeria’s borders, with international law enforcement agencies joining forces to track fugitives. The global reach of cryptocurrency-based frauds like CBEX necessitates such cross-border partnerships to ensure suspects cannot evade justice by fleeing the country.

Oyewale noted that the agency’s coordination with foreign counterparts is yielding results, especially as more suspects are being identified and located. He warned that the EFCC will continue to crack down on crypto-related fraud schemes, citing the CBEX case as a pivotal moment in Nigeria’s battle against financial crimes in the digital economy.

Public Vigilance and EFCC’s Call for Cooperation

While clearing Elie Bitar’s name, the EFCC used the opportunity to urge the public to remain vigilant and report any suspicious investment platforms or fraudulent activities. The agency acknowledged the crucial role of citizen cooperation in its successful investigations and prosecutions.

“The EFCC appreciates the support of the Nigerian public and the international community in its efforts to clamp down on fraud and corruption,” Oyewale said. He assured that the Commission would keep updating the public as developments unfold in the CBEX case, while also stressing the importance of verifying the legitimacy of online investment schemes before committing funds.

As the probe deepens, victims and observers alike await further arrests and possible asset recoveries, hoping that justice will be served in one of Nigeria’s most prominent cryptocurrency fraud cases to date.