EFCC Declares 8 CBEX Suspects Wanted Over ₦1.3 Trillion Defrauded Nigerians
https://osazuwaakonedo.news/efcc-declares-8-cbex-suspects-wanted-over-1-3-trillion-defrauded-nigerians/26/04/2025/
#EFCC #cbn #DIA #FID #NFIU #NIA #NPF #NSA #SSS ©April 26th, 2025 ®April 26, 2025 5:03 pm Nigeria anti corruption police, the Economic and Financial Crimes Commission, EFCC has declared eight persons wanted in connection with the ₦1.3 trillion fraud committed by an online Cryptocurrency platform, Crypto Bridge Exchange, CBEX, allegedly an unregistered financial trading company in Nigeria, but, according to EFCC, a registered company, ST Technologies International Limited promoted or aided the suspected criminal trading platform, this occurred after the Nigeria Securities and Exchange Commission, SEC in a statement on April 17, 2025 gave public assurance to prosecute the promoters of the suspected fraudulent trading platform, and the statement from SEC indicated probably that there is porousness in the Nigeria Intelligence system, signaling that the Nigeria Intelligence assets like the media, State Security Services, SSS, Defence Intelligence Agency, DIA, National Intelligence Agency, NIA, Nigeria Financial Intelligency Unit, NFIU of Central Bank of Nigeria, CBN, Force Intelligence Department, FID of the Nigeria Police Force, NPF among others are apparently too weak in protecting the West Africa Sovereignty against financial invasion and terrorism; despite the huge billions of naira of taxpayers monies spent yearly by the Presidency through the office of the National Security Adviser, NSA and CBN on the aforementioned Intelligence assets, the state assets failed to be alive their societal responsibilities, and a criminal organisation invaded the Nigeria media space, openly advertised its criminal activities for long and successfully stole, evacuated and converted trillions of Nigeria currency to foreign currency or currencies, causing huge pressure and devaluation of the Naira, and thus, making costs of living go higher, with no Nigeria Intelligence asset including the Press being able to proactively track and forestall the act of national terrorism committed against the Nigeria State. #OsazuwaAkonedo
https://osazuwaakonedo.news/efcc-declares-8-cbex-suspects-wanted-over-1-3-trillion-defrauded-nigerians/26/04/2025/
#EFCC #cbn #DIA #FID #NFIU #NIA #NPF #NSA #SSS ©April 26th, 2025 ®April 26, 2025 5:03 pm Nigeria anti corruption police, the Economic and Financial Crimes Commission, EFCC has declared eight persons wanted in connection with the ₦1.3 trillion fraud committed by an online Cryptocurrency platform, Crypto Bridge Exchange, CBEX, allegedly an unregistered financial trading company in Nigeria, but, according to EFCC, a registered company, ST Technologies International Limited promoted or aided the suspected criminal trading platform, this occurred after the Nigeria Securities and Exchange Commission, SEC in a statement on April 17, 2025 gave public assurance to prosecute the promoters of the suspected fraudulent trading platform, and the statement from SEC indicated probably that there is porousness in the Nigeria Intelligence system, signaling that the Nigeria Intelligence assets like the media, State Security Services, SSS, Defence Intelligence Agency, DIA, National Intelligence Agency, NIA, Nigeria Financial Intelligency Unit, NFIU of Central Bank of Nigeria, CBN, Force Intelligence Department, FID of the Nigeria Police Force, NPF among others are apparently too weak in protecting the West Africa Sovereignty against financial invasion and terrorism; despite the huge billions of naira of taxpayers monies spent yearly by the Presidency through the office of the National Security Adviser, NSA and CBN on the aforementioned Intelligence assets, the state assets failed to be alive their societal responsibilities, and a criminal organisation invaded the Nigeria media space, openly advertised its criminal activities for long and successfully stole, evacuated and converted trillions of Nigeria currency to foreign currency or currencies, causing huge pressure and devaluation of the Naira, and thus, making costs of living go higher, with no Nigeria Intelligence asset including the Press being able to proactively track and forestall the act of national terrorism committed against the Nigeria State. #OsazuwaAkonedo
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NewsTranscript
00:00Nigeria Anti-Corruption Police, the Economic and Financial Crimes Commission, EFCC has declared eight persons wanted in connection with the 1.3 trillion nairas fraud committed by an online cryptocurrency platform, Crypto Bridge Exchange, CBX, allegedly an unregistered financial trading company in Nigeria, but, according to EFCC, a registered company, ST Technologies International Limited promoted or aided the suspect
00:29criminal trading platform, this occurred after the Nigeria Securities and Exchange Commission, SEC in a statement on April 17, 2025 gave public assurance to prosecute the promoters of the suspected fraudulent trading platform, and the statement from SEC indicated probably that there is porousness in the Nigeria intelligence system, signaling that the Nigeria intelligence assets like the media, state security services, SS, defense intelligence agencies,
00:59NIA, National Intelligence Agency, NIA, Nigeria Financial Intelligence Unit, NFIU of Central Bank of Nigeria, CBN, Force Intelligence Department, FID of the Nigeria Police Force, NPF among others are apparently too weak in protecting the West Africa sovereignty against financial invasion and terrorism, despite the huge billions of naira of taxpayers' monies spent yearly by the presidency through the office of the
01:29National Security Advisor, National Security Advisor, National Security Advisor, NSA and CBN on the aforementioned intelligence assets, the state assets failed to be alive their societal responsibilities, and a criminal organization invaded the Nigeria media space, openly advertised its criminal activities for long and successfully stole, evacuated and converted trillions of Nigeria currency to foreign currency or currencies, causing huge pressure and devaluation of the naira,
01:59with no Nigeria intelligence assets, with no Nigeria intelligence asset including the press being able to proactively track and forestall the act of national terrorism committed against the Nigeria state.
02:08Among those declared wanted on Friday by EFCC includes,
02:13Adafiwara Alana Pakin, Adafiwara Alana Pakin, Adafiwara Alana Wanashola, Emanuel Akko, and Shea Iola Yede, and others named by EFCC as alleged foreign accomplices include, Johnson Okiro Otieno, Israel Mbaluka, Joseph Mykiro Kabara and Sarah Mykiro.
02:31SEC has stated that, the attention of the Securities and Exchange Commission, the Commission, has been drawn to recent media reports, publications on the activities of CBEX, Crypto Bridge Exchange.
02:45CBEX, which also operates under the corporate identity of ST Technologies International Limited, Smart Treasure, Super Technology, has held itself out as a digital asset trading platform, offering high returns to investors in Nigeria.
03:02The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a digital assets exchange,
03:12solicit investments from the public or perform any other function within the Nigerian capital market.
03:19Preliminary investigations carried out by the Commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy,
03:29in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short time frame.
03:37CBEX has failed to honor withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints.
03:47Pursuant to the provisions of Section 196 of the Investments and Securities Act 2025,
03:55the Commission would collaborate with relevant law enforcement agencies to
03:58take appropriate enforcement action against the CBEX, its affiliates and promoters.
04:05The Commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based
04:15investment models.
04:17Prospective investors are advised to verify the registration status of investment platforms via the Commission's dedicated portal.
04:25It would be recalled that the digital trading platform came to a halt earlier this month after the money in Nigerian investors' wallets vanished.
04:40It was observed that the CBEX also locked its Telegram channels and postponed its withdrawals
04:46while giving investors the lifeline of $2,000 for $200 verification and $1,000 for $100 verification.
04:55Analyzing the crash on X-space organized by TrendingX is monitored and reported by Punch newspaper.
05:03A cryptocurrency expert and security analyst, Taiwo Awolabi said data has shown that the money was moved to a TRX address,
05:11yourself.
05:11a cryptocurrency and a total volume stolen so far in USDT is $847 million and likely to increase.
05:26Awolabi stressed that the invested funds are gone because CBEX is not a licensed platform,
05:32and the creators designed a weak website to look like Bibit, which is a legitimate trading platform.
05:37They designed the weak website to convince people in the future that it was a security breach that affected them.
05:45Apparently, when you make payments, you pay them into a TRX account, and then, immediately,
05:51they move it from that TRX wallet, gather it, convert it to USDT, then to ETH.
05:58So, when you are logging into your account, there is literally no money on your profile.
06:03What you see are just numbers.
06:06All the daily activities you do to trade, increase your money.
06:11All the AI trading is fake.
06:13When it's time for withdrawal, they will send you another person's money.
06:18Since, you won't be leaving them because of greed, you will most likely put the money back and even more.
06:24So, they will use that same money to pay another person.
06:28As you spread the word for them, more people will join and do the same.
06:33Meanwhile, the Economic and Financial Crimes Commission, EFCC, has declared eight individuals
06:40wanted over the alleged investment fraud perpetrated on the CryptoBridge Exchange, CBEX, trading platform.
06:48The EFCC action is coming in the wake of the warrant of arrest and order granted the EFCC
06:53by a federal high court in Abuja on Thursday for six suspects.
06:59Justice Emeka Inwaiti gave the order following an ex-party application filed by the EFCC through its counsel,
07:06Fadila Youssef.
07:08Spokesperson of the EFCC, Dele Oyewole, made the announcement in a post on Friday
07:14with the suspected person's photographs attached against the names,
07:18with the residential address of some of them in Nigeria stated.
07:21In the EFCC court affidavit in support of the motion, EFCC said preliminary investigation
07:28into the Intel revealed that the defendants, using their company ST Technologies International
07:34Limited, promoted another company CryptoBridge Exchange, CBEX, by making adverts and lured
07:40unsuspecting members of the public to invest crypto-cryptocurrencies on the CBEX investment
07:46platform. The EFCC said the defendants promised an unrealistic return on investment of up to 100%.
07:54Recall that Nigerians who invested in the platform have been thrown into despair after the crash of
08:00the business recently. About 1.3 trillion nairas was reportedly wiped out from the investor's account
08:07after the digital trading platform boasted of giving investors 100% return on investment, ROI,
08:14in 30 days. Operating under the CBEX name, the group allegedly encouraged people to deposit digital assets,
08:22particularly the stablecoin USDT, into the platform. After amassing a significant amount of funds,
08:30the platform was abruptly shut down, leaving investors stranded and unable to recover their money.
08:36The commission is calling on the public to come forward with any information that could lead to
08:40the arrest of the suspects. Tips can be reported to any EFCC office nationwide,
08:47including branches in Lagos, Abaddon, Abuja, Kano, Enugu, Gombe or Port Harcourt. The public is hereby
08:56notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the
09:02Economic and Financial Crimes Commission, EFCC, for Ford allegedly perpetrated on an online trading platform
09:09called Crypto Bridge Exchange . Anybody with useful information as to their whereabouts should please
09:17contact the commission in its Abaddon, Uyo, Sokato, Medaguri, Benin, McCurdy, Kaduna, Kloran, Enugu,
09:26Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644. Its email address, info at efcc.gov.ng or the nearest police station and other security agencies, some parts of the EFCC statement reads in quote,
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