The Economic and Financial Crimes Commission (EFCC) has launched a manhunt for Elie Bitar, a 41-year-old foreign national, who is accused of orchestrating one of Nigeria’s largest crypto scams through a platform called Crypto Bridge Exchange (CBEX).
$812M Crypto Scam Through CBEX Promised Fake Returns
According to the EFCC, Bitar allegedly defrauded Nigerians of ₦1.3 trillion (approximately $812 million) by operating CBEX, an unlicensed trading platform that offered unrealistic investment returns. The platform promised to double users’ funds within 30 days, attracting over 600,000 unsuspecting investors.
Though CBEX was registered with Nigeria’s Corporate Affairs Commission and listed with the EFCC’s Special Control Unit Against Money Laundering, it was not licensed by the Securities and Exchange Commission (SEC), making its operations illegal.
The EFCC issued a public notice stating that Bitar’s last known address was Eng. George Enemoh Crescent, Lekki Phase 1, Lagos, and urged anyone with information to contact their offices nationwide. The commission’s spokesperson, Dele Oyewale, reaffirmed their commitment to protecting Nigerians from such scams.
CBEX had previously been flagged by Hong Kong regulators in 2024 for using fake licensing credentials, but Nigerian authorities reportedly took no action at the time.
The platform followed a similar scheme to past scams such as MMM and MBA Forex, using trendy keywords like “crypto” and “AI” to lure in victims. Experts estimate that Nigeria has lost over ₦2 trillion to similar fraudulent ventures over the past decade.
Will Crypto Scam ever come to a halt ?
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