EFCC declares 2 Nigerians wanted over multi-million-naira crypto fraud

The Economic and Financial Crimes Commission (EFCC) has launched a manhunt for two Nigerian nationals Folashade Odelana and Bamidele Ayodele Abiodun over their alleged involvement in a major cryptocurrency fraud tied to the now-infamous Crypto Bridge Exchange (CBEX).

In a public notice issued on Wednesday across its official social media platforms, the EFCC accused the duo of masterminding a sophisticated scam that defrauded numerous investors of millions of naira under the guise of legitimate cryptocurrency trading.

According to the commission, Odelana and Abiodun allegedly operated fraudulent investment schemes through CBEX, luring unsuspecting individuals with promises of high returns from crypto assets. However, the platform reportedly crashed, leaving victims with devastating financial losses and no means of recovery.

The Commission urged members of the public with credible information about the whereabouts of the suspects to come forward, assuring that all informants will be granted full confidentiality.

The anti-corruption agency had in May through its chairman, Mr Ola Olukoyede, announced the recovery of some money from the digital investment platform CBEX in an interview with TVC.

Recall that thousands of Nigerians lost an estimated N1.3trillion in a scheme that promised exagerrated returns on their supposed crypto currency investment.

Speaking during the interview, Olukoyede also revealed that operatives of the EFCC had arrested some suspects in connection with the fraud.

“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he said.

Acknowledging that the agency experienced difficulties while converting the funds back to dollars in cash, the EFCC boss added, “Even though in the crypto wallet, the same way the money was taken from them. There is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process.”

“We have gone far. We have made a reasonable arrest. We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he said.