EFCC Removes Foreign National From CBEX Wanted List, Releases Updated Names

• The Economic and Financial Crimes Commission (EFCC) has removed Elie Bitar from its wanted list for CBEX fraud, following new information that overturned his initial designation
• This decision comes amid ongoing investigations into the fraudulent activities surrounding the CBEX trading platform, which left many Nigerians claiming significant financial losses
• As the EFCC continues its crackdown, law enforcement agencies worldwide are collaborating to track and apprehend individuals linked to the case

The Economic and Financial Crimes Commission (EFCC) removed a foreign national, Elie Bitar, from its wanted list for CBEX fraud, following new developments in its investigation.

On April 30, the anti-graft agency declared Bitar wanted over alleged fraud on the CBEX trading platform, Channels confirme.

His name was included in a wanted notice published across various social media platforms. A now-deleted post on the EFCC's X handle, signed by its Head of Media and Publicity, Dele Oyewale, indicated that Bitar’s last known address was Lekki Phase 1, Lagos State.

Removal from the wanted list

In a statement issued on Wednesday, EFCC spokesperson Oyewale confirmed that Bitar’s name had been removed from the wanted list due to new information. He stated:

“Elie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted person’s list.”

EFCC’s ongoing investigations into CBEX fraud

Despite Bitar’s removal, EFCC investigations into CBEX fraud continue, with the agency working closely with law enforcement agencies worldwide to track and apprehend individuals involved.

Oyewale noted that the Commission was making significant progress in its search for eight persons previously declared wanted over the case.

Several online videos surfaced, showing Nigerians raising concerns over lost funds following the CBEX platform crash in April.

The Federal High Court in Abuja has granted the EFCC’s request to arrest and detain persons promoting the CBEX scheme.

The EFCC reaffirmed its commitment to bringing all fraudulent actors to justice, emphasising that it would not relent in pursuing the case.

This development signals continued scrutiny of online trading platforms and reinforces the EFCC’s determination to curb fraudulent activities in Nigeria’s financial sector.

Full statement from EFCC

“As part of its ongoing investigations of the alleged monumental fraud involving many actors in the infamous Crypto Bridge Exchange, CBEX, fraud, the Economic and Financial Crimes Commission, EFCC, is gaining important ground in its search for eight wanted persons implicated in the fraud.

“The eight wanted persons are: Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera and Serah Michiro. Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted person’s list.

“The Commission is making good progress in its investigations. Law enforcement agencies across the world are collaborating with it in tracking and arresting all the wanted persons. The EFCC will not relent in bringing every actor involved in the fraudulent dealings to book.”

SEC releases 30 signs to identify scam investments

Legit.ng earlier reported that as part of its efforts to protest Nigerians from investment scams, the Securities and Exchange Commission (SEC) of Nigeria has released a guide outlining 30 signs to help spot potential investment fraud.

In a statement shared on X, the commission noted that fraudsters often lure unsuspecting victims with promises of instant wealth, high-pressure sales tactics, and requests for upfront payments via gift cards or cryptocurrency.

Source: Legit.ng