Amid growing concerns over cryptocurrency scams in Nigeria, the Economic and Financial Crimes Commission (EFCC) is searching for a foreign national, Elie Bitar, in connection with an alleged multi-million naira fraud involving the trading platform Crypto Bridge Exchange.
In an official notice released by the anti-graft agency, Bitar, aged 41, is accused of operating a fraudulent scheme through CBEX, which is said to have swindled numerous unsuspecting investors across Nigeria.
“The public is hereby notified that Elie Bitar, whose photograph appears above, is wanted by the EFCC in connection with a case of fraud perpetrated through an online trading platform called Crypto Bridge Exchange,” the Commission said.
Crypto Bridge Exchange, now under investigation, reportedly promised quick returns through cryptocurrency trading but left several investors counting losses, sparking an outcry that drew the attention of the Commission.
According to EFCC spokesperson Dele Oyewale, Bitar is accused of orchestrating deceitful transactions that funneled funds from unsuspecting users, many of whom had no way of verifying the platform’s legitimacy. “This is part of an emerging pattern of digital investment scams targeting the public,” he stated.
Authorities say early investigations have already led to arrests of other individuals tied to the operation, while Bitar remains at large. His photograph and last known location have been circulated, with the Commission calling on the public to report any useful information via its zonal offices or helplines.
Analysts have warned that the regulatory vacuum around digital currencies in Nigeria has emboldened scammers, making public vigilance more crucial than ever.