EFCC Admits SCUML Certificate Not Clearance To Operate In Nigeria Amid CBEX Collapse

The Economic and Financial Crimes Commission (EFCC) has said that the Special Control Unit against Money Laundering (SCUML) certificate does not necessarily imply clearance to lawfully operate in Nigeria, amid the collapse of the fraudulent cryptocurrency investment scheme known as “CBEX”. The EFCC, in a statement on Monday, admitted that ST Technologies( not CBEX) is…

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Names, Faces Behind CBEX Fraud Unveiled As Nigerians Lose ₦1.3 Trillion

Investigations by FIJ have revealed the faces of key individuals behind CryptoBridge Exchange (CBEX), a fraudulent investment scheme that scammed Nigerians out of an estimated N1.3 trillion. CBEX, initially marketed as a quick way to make money without economic value, crashed in April, leaving investors devastated. As reports emerged, many were unable to access their…

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FULL LIST: 50 Ponzi Schemes That Stole Trillions Of Naira From Nigerians Since 2016

In the past decade, Nigeria has witnessed a tsunami of Ponzi schemes that have fleeced citizens of trillions of naira under the guise of “investments”, “donations”, and “cooperative societies”. These scams, often masquerading as financial salvation in a country battered by economic hardship, have left millions of Nigerians in tears, despair, and in some cases,…

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CBEX: SEC Warns Public Against Ponzi Schemes

The Securities and Exchange Commission (SEC) has warned the public that it is illegal to use unregistered digital investment platforms, as concerns mount over the rising popularity of such platforms This renewed stance by the Commission follows social media uproar surrounding the operations of CBEX, a digital asset platform currently under scrutiny for allegedly freezing…

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