Sec cannot recover funds N1.3TRN lost for the victims of cbex … Theconclaveng

CBEXDirector General of the Security and Exchange Commission (sec), dr. EMOMOTIMI AGAMA, said that there was nothing that the Commission could do to help the victims of the CBEX scam to recover their lost investments.

CBEX or Crypto Bridge Exchange, an unregistered online trading platform passed away last Monday with about n1.3 trillions hit by about 600,000 investors.

Cbex, who had operated from the St Technologies International Ltd, attracted its victims with 100 % yields on investments after 30 days.

When asked if there was something that the commission could do to help the victims to recover their money partly or in full, dr. Agama said: “There is nothing that the commission can do”.

However, he expressed concern about the fact that the Nigerians continued to invest in an unregistered digital entity without attracting the attention of the Commission.

“We are concerned that this has gone for a long time without anyone attracting our attention on it. That’s why we are making more lighting and asking people to come forward to report this for early detection.

Like the Nigerians can identify a Ponzi scheme

He warned the Nigerians not to have invested their money in Ponzi patterns, saying that these schemes make promises that they are not real.

“You can identify a Ponzi scheme when an entity makes offers that certainly appear false and are false. The definition we have in Isa (Investments and Securities Act, 2025) clearly tells you that when an investment company makes any promise almost totally unattainable, you will know that it is clearly a Ponzi scheme”.

The century revealed that the preliminary investigations have revealed that the CBEX has engaged in promotional activities to create a false perception of the legitimacy, in order to attract the unaware members of the public in investment money, with the promise of non -plausibly high returns guaranteed in a short period of time.

The Commission stated that CBEX, which also operates in the company identity of St Technologies International Ltd, Smart Treasure/Super Technology, had held up as a digital resources trading platform, offering high yields to investors in Nigeria.

According to the century, “the Commission clarifies that neither CBEX nor its affiliates has been granted registration by the Commission at any time to operate as an exchange of digital activities, solicit investments from the public or perform any other function in the Nigerian capital market.

The century stressed that, pursuant to the provisions of section 196 of 2025 of investments and securities, the commission would collaborate with the police relevant to undertake appropriate application shares against the CBEX, its affiliates and its promoters.

“The Commission uses this means to remind the public to refrain from investing or dealing with any entity that offers unrealistic returns or using similar investment models based on recruitment. It is advisable to potential investors to verify the state of registration of the investment platforms through the dedicated portal of the Commission: www.sec.gov.ng/cmos before transit”, the century has added.

As I lost N500.000 in 7 days – victim

Telling how he was involved in the condemned platform, an Abuja said he had invested N500,000 on April 4, 2025 with the hope of receiving n1 million after 30 days.

The journalist who requested not being appointed said: “I was involved for only seven days and I lost N500,000 for the scam. I have a friend who prompted me to invest in Cbex since December last year and in reality I resisted due to my experience spent with Mmm.

“But he continued to tell me and show me what he was doing. So, I decided to try it and I was involved and in the end I transferred N500,000 on April 4th. I was admitted to a Telegram group chat. Then the story started. The only fortune I have is that my wife refused to be involved after asking him. I would have had serious problems.

“I immediately had the wind of problems especially when the people were blocked by the Telegram group, I tried to withdraw my money that had risen to N616,000 but I could not,” he narrated. [Vanguard]