The EFCC launched its investigation after receiving numerous complaints from investors who claimed that CBEX froze their accounts and made their funds inaccessible. The platform is now suspected of running a large-scale Ponzi scheme that defrauded thousands of Nigerians.
Interpol’s involvement is expected to help trace international transactions and track down key individuals behind the scheme, especially if they have fled the country. The collaboration marks a significant step in tackling transnational financial crimes.
The Securities and Exchange Commission (SEC) has also stepped in, vowing to crack down on unregistered investment platforms. It further warned social media influencers and promoters against endorsing such fraudulent schemes, emphasizing that they may be held accountable for misleading the public.
The CBEX scandal has triggered widespread outrage, with many victims calling on authorities to ensure justice is served and their funds recovered. Investigations are ongoing.
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