CBEX Fraud: EFCC deepens probe, removes foreign national from wanted list

The Economic and Financial Crimes Commission (EFCC) has removed Elie Bitar, a foreign national, from its wanted list over alleged fraud involving the Crypto Bridge Exchange (CBEX) platform.

Bitar was declared wanted by the EFCC on April 30, with his profile widely shared across social media, including details such as his age — 41 — and a last known address at Eng. George Enemoh Crescent, Lekki Phase 1, Lekki, Lagos State.

“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 EFCC clarified in a statement on Wednesday.

The original listing came amid widespread reports in April that users of the CBEX trading platform were unable to withdraw their funds, triggering panic and claims of large-scale financial losses.

In response, the EFCC named eight Nigerian nationals as suspects allegedly linked to the scam: Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro.

However, a recent Foundation for Investigative Journalism (FIJ) report revealed that Bitar had been mistakenly linked to the fraudulent CBEX scheme. The confusion reportedly stemmed from the similarity between the name of his company, CBEX Solutions Limited, and the embattled crypto platform.

Bitar is the co-founder of CBEX Solutions Ltd., which specializes in retail studies for fast-moving consumer goods (FMCG) companies and has no ties to cryptocurrency or digital trading.

EFCC spokesperson Dele Oyewale acknowledged the error and reaffirmed the agency’s commitment to pursuing the real perpetrators.

“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,” Oyewale stated.

He added that the EFCC is “gaining important ground” in its efforts to locate and apprehend the eight individuals still wanted in connection with the CBEX crypto fraud.