CBEX Scam: EFCC Declares Foreigner Wanted over $1 Billion Investment Fraud, Shares Photo, Details
- The EFCC has declared Elie Bitar, a foreign national, wanted for his alleged involvement in a cryptocurrency fraud carried out through Crypto Bridge Exchange (CBEX)
- Bitar is one of eight individuals linked to a fraudulent investment scheme through CBEX, which reportedly scammed investors out of over $1 billion across Nigeria
- The EFCC published Bitar’s details and photo, urging the public to report any information about his whereabouts to any of its zonal offices nationwide
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Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
On Wednesday, April 30, the Economic and Financial Crimes Commission (EFCC) declared one foreign national, Elie Bitar wanted for his alleged involvement in a cryptocurrency fraud linked to the online trading platform, Crypto Bridge Exchange.
Source: Facebook
Legit.ng recall that EFCC declared 8 CBEX promoters wanted over alleged involvement in a fraudulent investment scheme valued at over $1 billion.
The anti-graft agency released information about their addresses and photos.
According to an official bulletin issued by the Commission, on Wednesday, Bitar, 41, is wanted for a suspected fraudulent scheme carried out via CBEX, which has reportedly defrauded multiple unsuspecting investors across Nigeria.
“The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the EFCC stated.
The EFCC also urged anyone with useful information regarding Bitar’s whereabouts to contact any of its zonal offices in Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja.
Head of media and publicity at the EFCC, Dele Oyewale, signed the wanted notice and reaffirmed the agency’s commitment to tracking down individuals exploiting Nigerians through financial fraud schemes.
Earlier, Legit.ng reported that one of the wanted Crypto Bridge Exchange (CBEX) promoters, Adefowora Abiodun Olaonipekun, has surrendered himself to the EFCC.
Adefowora, accompanied by his lawyers, turned himself in at the EFCC headquarters in Abuja on Monday, April 28, 2025.
Counsel to the CBEX promoter, Babatunde Busari, explained the reason his client decided to submit himself to the EFCC.
Read more stories on CBEX scam:
- CBEX scandal: 11 popular ponzi schemes Nigerians will never forget
- CBEX crash: Man who lost N9m shares how people he introduced to platform bought lands, trailer
- EFCC sends notable message to all CBEX 'investors' on funds
- CBEX crash: 3 Nigerians cry out after losing N9 million, school fees to platform, videos trend
CBEX scam: EFCC, SEC take action against Ponzi schemes
Legit.ng also reported that EFCC said CBEX investors were going to get their money back.
The Securities and Exchange Commission (SEC) said it would commence investigation as to where the operators were and hunt them down.
The two federal government agencies vowed to hunt down operators of Ponzi schemes across the country.
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Source: Legit.ng
