In a decisive move to clamp down on financial crimes, the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest six suspects linked to the controversial CBEX investment scheme.

The CBEX platform, which promised investors high returns through cryptocurrency and forex trading, has been under intense scrutiny following a surge in complaints from defrauded Nigerians across various states. Victims allege that the platform operated as a Ponzi scheme, with several individuals losing millions of naira to what initially appeared to be a legitimate investment opportunity.

The EFCC, in a motion filed last week, requested arrest warrants for six individuals identified as key operatives behind CBEX. The court’s decision now paves the way for law enforcement agencies to detain and interrogate the suspects.

Spokesperson for the EFCC, Dele Oyewale, confirmed the development, stating that “the Commission is committed to dismantling fraudulent investment networks that threaten the financial well-being of citizens. The court’s approval marks a major breakthrough in our ongoing investigation.”

Sources close to the investigation reveal that the accused individuals managed multiple social media accounts and online platforms to lure unsuspecting investors, promising daily profits and lifetime earnings. However, payouts allegedly ceased in early 2025, leading to public outrage and mass petitions to the EFCC.

Legal analysts say the CBEX case could set a significant precedent for how financial scams are prosecuted in Nigeria’s digital economy.

As the EFCC prepares to make arrests, advocacy groups have urged the Commission to ensure that the victims of the scam are not only given justice but also considered for potential restitution.

Meanwhile, the Commission advises Nigerians to exercise due diligence before engaging in online investment ventures, especially those with unverifiable claims and unrealistic returns.

The CBEX investigation continues, with more revelations expected as the EFCC digs deeper into the scheme’s operations and funding trails.