EFCC declares Elie Bitar wanted over CBEX scam

The Economic and Financial Crimes Commission (EFCC) has declared Elie Bitar wanted over alleged involvement in the Ponzi scheme platform Crypto Bridge Exchange (CBEX).

The agency issued the public notice via its social media handle on Wednesday.

According to EFCC, Bitar is a 41-year-old man, and his last known address is at Eng. George Enemoh Crescent, Lekki Phase 1, Lekki, Lagos State.

Anybody with useful information as to his whereabouts was advised to contact EFCC in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices.

Information could also be passed through 08093322644 or [email protected].

Nigerians can also report Bitar’s movement at the nearest Police Station and other security agencies.

The EFCC recently obtained an order of the Federal High Court in Abuja to arrest some of the promoters of CBEX in Nigeria.

The EFCC alleged in its application for their arrest order the that the group operated through a front company, ST Technologies International Limited, to promote CBEX and lure Nigerians into investing in cryptocurrencies and other digital assets with promises of up to 100 per cent returns within 30 days.

The anti-graft agency told the court that the preliminary investigation revealed that the suspects “using their company, ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.

The EFCC further revealed that the defendants promised an unrealistic return on investment of up to 100 percent.

According to the EFCC, ST Technologies, the promoter of CBEX, was registered with Nigeria’s Corporate Affairs Commission (CAC) but never obtained a licence from the Securities and Exchange Commission (SEC) to operate as an investment firm.

The commission further noted that a Special Control Unit against Money Laundering (SCUML) certificate which ST Technologies possessed does not constitute regulatory approval to handle investments.

Trouble started after CBEX restricted withdrawals on 9 April, prompting concerns among users.

Shortly before going dark, the platform issued a suspicious notice asking users to deposit additional funds — $100 for accounts with balances below $1,000, and $200 for those above — under the guise of account verification.

Many users complied, unaware the platform was about to shut down.

However, EFCC, through its spokesperson, Dele Oyewale, assured Nigerians that it was working with international agencies, including Interpol, to recover the stolen funds.