EFCC Declares Foreigner, Elie Bitar Wanted Over Alleged Involvement In CBEX Fraud

The Economic and Financial Crimes Commission (EFCC) has declared a foreign national, Elie Bitar, wanted for allegedly playing a key role in a cryptocurrency scam tied to an online platform called Crypto Bridge Exchange (CBEX).

In a public notice, the EFCC said Elie Bitar, 41, is wanted in connection with fraudulent activities involving CBEX, which is accused of scamming several Nigerian investors out of their money.

“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 said, adding that his last known address was on Eng. George Enemoh Crescent in Lekki Phase 1, Lagos.

Members of the public who may have any information on Bitar’s whereabouts are urged to contact any EFCC zonal office across the country.

Offices are located in cities such as Lagos, Abuja, Port Harcourt, Kano, Ibadan, and others. Tips can also be shared by phone at 08093322644 or via email at info@efcc.gov.ng.

Crypto Bridge Exchange had gained popularity during Nigeria’s cryptocurrency boom, attracting people with promises of fast and large returns on crypto investments.

However, concerns started growing when the platform showed signs of irregularities and failed to comply with regulatory standards.

An investigation by the EFCC revealed a web of transactions pointing to Bitar and several others, some of whom have already been arrested.

According to Dele Oyewale, the EFCC’s Head of Media and Publicity, the agency is committed to bringing all individuals involved in financial crimes like this to justice.

Elie Bitar is not the only person under scrutiny. The EFCC had earlier named eight Nigerians wanted for promoting the CBEX scheme.

They are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro.

One of them, Olanipekun, has already turned himself in to the EFCC.

In April, many Nigerians reported they could no longer access their funds on CBEX. Some victims took to social media to share their experiences, claiming to have lost millions of naira.

The Securities and Exchange Commission (SEC) has also confirmed that CBEX is not registered with them.

Recently, a federal high court in Abuja approved the EFCC’s request to arrest and detain six CBEX promoters.

The court order followed an application filed by EFCC lawyer Fadila Yusuf and was granted by Justice Emeka Nwite. The promoters are being investigated for allegedly defrauding investors of $1 billion.

KanyiDaily recalls that a man named Olaniyan Gbenga Amos was recently sentenced to 63 years in prison by the Oyo High Court in Ibadan for investment fraud.