EFCC traces CBEX funds to four countries, moves to recover stolen funds

EFCC traces CBEX funds to four countries, moves to recover stolen funds

 The Economic and Financial Crimes Commission (EFCC) says it
has traced funds linked to the failed crypto bridge exchange (CBEX) scheme to
at least four countries.

 

Speaking on Politics Today, a Channels Television programme,
on Wednesday, Ola Olukoyede, EFCC chairman, said although efforts are underway
to recover the stolen funds, full restitution to victims may be impossible.

 

Olukoyede said several accounts have been blocked and funds
frozen, although the amounts cannot be disclosed yet.

 

He said most of the transactions were conducted in
cryptocurrency and routed through wallets beyond Nigeria’s jurisdiction.

 

“We have been able to block some accounts. We have been able
to freeze some funds, which I will not be able to give you a figure, but some
reasonable amount of funds, we have been able to freeze,” the EFCC boss said.

 

“I will not sit down and tell you that we are going to
restitute every victim. It will become practically impossible because quite a
certain number of money has been dissipated and not within our system.

 

“We have traced to three, four countries now. In fact, the
principal parties behind the entire scheme… most of them are foreigners, they
are not within our jurisdiction, and you know what that entails.

 

“In fact, it took our impunity, our proficiency, to be able
to even freeze some assets that we have done now. So, yes, we’ve embarked on
that journey. Whatever we can get back, we will get it back and let Nigerians
know. But we will not be able to confirm that we will restitute every victim.
That may be practically impossible.”

 

‘WE CURRENTLY HAVE THREE SUSPECTS IN OUR CUSTODY’

 

He added that the agency has arrested three suspects who are
currently in custody and have made “very useful statements” to investigators.

 

“We have made arrests. Right now, we have about three people
in our custody who have made very useful statements,” Olukoyede said.

 

“We have been so committed to this investigation because we
have promised Nigerians. We have gone deep, we have gone far. We have
established contact with our foreign counterparts and we have been able to make
some inroads.”

 

In April, reports emerged that CBEX users could no longer
withdraw their funds.

 

Many Nigerians who had invested in the platform reportedly lost
their funds.

 

The Securities and Exchange Commission (SEC) had said that
the CBEX digital trading platform is not registered with the agency.

 

 

Recently, a federal high court in Abuja granted permission
to the EFCC to arrest and detain six CBEX promoters over a $1 billion
investment fraud allegation.

 

Emeka Nwite, the presiding judge, gave the order following
an ex parte application made by Fadila Yusuf, counsel to the EFCC.

 

 

Also, the EFCC, on April 30, declared Elie Bitar, a foreign
national, wanted over the alleged fraud perpetrated on the trading platform.

 

Bitar joins the list of the eight Nigerians who were
previously declared wanted by the EFCC for allegedly promoting the CBEX scheme.

 

 

Source: EFCC traces CBEX funds to four countries, moves to recover stolen funds

 - NigerianEye
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