Nigeria’s Economic and Financial Crimes Commission (EFCC) has declared that foreigner Ellie Bittal wants in connection with the massive crypto investment fraud. The scheme is believed to have passed the now-deprecated Crypto Bridge Exchange (CBEX) and scam thousands of Nigerian investors over 1.2 trillion.
EFCC tracks key players in crypto fraud
In a notice released Wednesday, the EFCC identified Bitar as the individual behind CBEX’s deceptive investment platform. The 41-year-old is accused of adjusting a scheme that promised unrealistic returns outside the Nigerian financial regulatory framework.
Bitar was known to last reside in Eng. George Enemo Crescent from Lecchi Phase 1 in Lagos. The committee called on the public to help find him. They urge anyone with relevant information to contact EFCC Zone offices nationwide.
Extensive investigation and previous suspects
As the investigation expanded, the EFCC revealed that eight other individuals had previously been declared sought for their role in promoting CBEX.
Related: Binance executives sues Nigerian NSA and EFCC for breach of rights
These suspects are said to have helped persuade investors to join the scheme. This development follows the voluntary surrender of one suspect.
Details of CBEX’s collapse and investors’ losses
Concerns about the CBEX platform first appeared in early April. At the time, users began to experience difficulties withdrawing funds. After the platform introduces suspicious directives, the panic is strengthened, requiring users to deposit additional amounts under the pretext of account verification.
Without the presence of visible social media or official transparency, CBEX claimed to provide a 100% return on investment within a month. This and the referral bonus have invited many unsuspecting investors into the scheme. Meanwhile, local media punches reported that the platform has been carried over 1.2 trillion by more than 600,000 Nigerians.
SEC checks CBEX unregistered status
The Securities and Exchange Commission of Nigeria (SEC) later confirmed that CBEX was not registered as an investment platform. SEC Director Emomotimi Agama warned the public about a reliable platform without a regulatory license.
The agency has made it clear that owning a special control unit for money laundering (SCUML) certificates by CBEX’s associated entity, ST Technologies, is not comparable to regulatory approval.
Related: Binance Executive lawyers question the EFCC failed to produce evidence
Legal Action: Promoter’s Court Order
In particular, the Federal High Court in Abuja granted the EFCC permission to arrest and detain six major CBEX promoters. Judge Emeka Nwite issued a court order. This followed the Ex Parte allegations presented by EFCC lawyer Fadila Yusuf.
Officials argue that the scheme has been linked to a wider billion-dollar fraud case and is stepping up efforts to bring all involved to justice.
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