The Economic and Financial Crimes Commission (EFCC) has publicly acknowledged a major error in its ongoing investigation of the CBEX cryptocurrency scandal.
In a recent statement, the EFCC confirmed that it had mistakenly linked Lebanese businessman Elie Bitar to the fraudulent activities associated with the controversial Crypto Bridge Exchange, commonly referred to as CBEX.
Diaspora Digital Media (DDM) reports that Bitar was previously listed among wanted persons by the EFCC in connection with the CBEX case. However, his name has now been officially removed following new findings.
Bitar is the co-founder of CBEX Solutions Limited, a legitimate cryptocurrency and blockchain firm that operated in Nigeria between 2018 and 2020.
The acronym “CBEX” stands for “Carbonel-Bitar Exchange,” referencing Bitar and his French business partner, Xavier Carbonel.
EFCC’s updated investigation clarified that while CBEX Solutions Limited was a registered and law-abiding entity, the fraudulent scheme being investigated used a similar name to deceive investors.
As a result, the agency had erroneously connected Bitar to the criminal network.
With the emergence of new intelligence, the EFCC has now absolved Bitar of any involvement in the scam.
Despite clearing his name, the agency did not issue a public apology to Bitar or acknowledge the reputational damage caused by the earlier declaration.
The CBEX scandal itself involves a sophisticated crypto scam in which several individuals allegedly defrauded unsuspecting investors of substantial amounts of money.
At present, eight suspects are being pursued by the EFCC for their alleged roles in the fraudulent operation.
The anti-corruption agency has stated that it is collaborating with law enforcement bodies across multiple countries to locate and arrest those involved.
The incident has reignited public discourse about the integrity of investigative processes in Nigeria’s fight against financial crimes.
Many have urged the EFCC to adopt more meticulous methods to prevent the recurrence of such damaging errors.
Transparency, fairness, and accuracy are critical to ensuring public trust in the commission’s mission to uphold justice.
As investigations continue, the public awaits further developments in the case and hopes the real culprits are swiftly brought to justice.
