The Economic and Financial Crimes Commission (EFCC) has traced money from the failed CBEX cryptocurrency scheme to at least four different countries.
EFCC Chairman, Ola Olukoyede, said on Wednesday during an interview on Politics Today on Channels Television that the commission is working hard to recover the stolen funds, but warned that not all victims may get their money back.
Olukoyede said, “We have been able to block some accounts. We have been able to freeze some funds. But I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system.”
He explained that most of the stolen money was moved using cryptocurrency wallets, many of which are outside Nigeria’s control.
“We have traced [the funds] to three, four countries now. Most of the people behind this scheme are foreigners and outside our jurisdiction,” he said.
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Olukoyede confirmed that three people have been arrested in connection with the fraud and are currently in EFCC custody.
“They have made very useful statements,” he added.
The EFCC chairman also said the commission has partnered with foreign agencies to track the stolen funds and freeze assets connected to the scam.
“We have gone deep, we have gone far. We have established contact with our foreign counterparts,” he said.
The CBEX platform was shut down earlier this year after users reported they could no longer withdraw their money. Many Nigerians lost their investments in the scheme, which the Securities and Exchange Commission later confirmed was not registered with them.
In April, a federal high court in Abuja gave the EFCC permission to arrest six promoters of CBEX over a $1 billion investment fraud. The court order followed an application by EFCC lawyer, Fadila Yusuf.
The EFCC also declared a foreign national, Elie Bitar, wanted for allegedly helping to promote the scheme. Eight other Nigerians had earlier been declared wanted for their roles in the fraud.
Olukoyede promised that the EFCC would continue its investigations and do its best to recover what it can.
“Whatever we can get back, we will get it back and let Nigerians know,” he said.