The Economic and Financial Crimes Commission (EFCC) of Nigeria has identified four Kenyan nationals as key suspects in a large online fraud linked to the now-defunct Crypto Bridge Exchange (CBEX).
This exchange, which had promised to be a reliable cryptocurrency investment platform, was ultimately exposed as a Ponzi scheme, leading to significant financial losses.
The EFCC’s official statement revealed that three Kenyan men and one woman are suspected of being foreign accomplices in the scam.
They are believed to have played a major role in the fraudulent activities that have caused devastating financial damage to investors across Nigeria, Kenya, and Egypt.
The total amount of money stolen through this online scam is estimated at over $840 million, or approximately Ksh108 billion based on the current exchange rates.
The EFCC issued a public notice urging anyone who may have information about the whereabouts of these suspects to come forward.
The notice made it clear that the individuals featured in the photographs are wanted for their involvement in a scam perpetrated on the Crypto Bridge Exchange (CBEX).
This platform, which attracted investors with the promise of high returns from cryptocurrency trading, was revealed to be a fraudulent operation, functioning as a Ponzi scheme.
A Ponzi scheme is a type of fraud where the money collected from new investors is used to pay returns to earlier investors instead of being invested to generate legitimate profits.
These types of schemes inevitably collapse when there is no longer enough new money to cover the payouts promised to earlier investors.
The collapse of CBEX has left many individuals and families in significant financial distress.
The EFCC’s investigation into the matter is ongoing, and authorities are keen to locate the suspects involved in the scam.
They have urged the public to assist in locating the individuals by providing any relevant information. In recent months, law enforcement agencies, including Kenyan police and international bodies, have made several arrests in connection with online scams.
On November 27, a significant breakthrough occurred when 24 Kenyan nationals were arrested by the International Criminal Police Organisation (Interpol) for their involvement in another large-scale online fraud scheme.
The suspects were implicated in stealing $8.6 million (Ksh1.1 billion) through fake online credit card transactions.
The stolen funds were transferred using the SWIFT payment system to locations in the United Arab Emirates (UAE), Nigeria, and China, where they were further distributed to digital asset institutions offering trading and financial services.
These institutions operate under multiple jurisdictions, adding to the complexity of the case.
In Kenya, police uncovered an elaborate online credit card fraud scheme, where the suspects had altered the banking system’s security protocols to facilitate the theft of funds.
The stolen money was then quickly redirected via SWIFT transfers, highlighting the global reach of these criminal activities.
Since the investigation began, nearly two dozen individuals have been arrested in connection with the fraud, and the case continues to unravel.
This ongoing investigation underscores the importance of heightened vigilance and cooperation between local and international law enforcement agencies in combating the growing problem of online financial fraud.
The EFCC, along with other global authorities, is committed to bringing those responsible for these scams to justice and ensuring that investors are protected from such deceptive operations.
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