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CBEX Crypto Scam Funds Traced to Four Countries — EFCC Boss Speaks on Refund Hurdles
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that proceeds from the collapsed CBEX cryptocurrency scheme have been traced to at least four different countries, complicating efforts to recover funds and compensate victims.
Speaking during an appearance on Politics Today on Channels Television Wednesday night, Olukoyede revealed that the Commission has frozen several accounts and seized an undisclosed amount of funds linked to the fraudulent operation.
“We have been able to block some accounts. We have been able to freeze some funds… some reasonable amount of funds,” he said.
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However, he cautioned that hopes for full restitution may be unrealistic due to the international nature of the fraud. “Quite a certain amount of money has been dissipated and not within our system,” he explained.
The EFCC boss confirmed that most of the transactions were routed through offshore crypto wallets, placing them outside the Commission’s direct jurisdiction. He also noted that many of the key suspects are foreign nationals, but said the EFCC is working with international counterparts to recover stolen assets and bring the perpetrators to justice.
So far, three suspects are in custody and are reportedly cooperating with investigators, providing leads to help unravel the full extent of the fraud.
In case you missed the update, see video below: