CBEX Ponzi and ‘Miracle Money’

Long before the late Sergei Mavrodi arrived on the Nigerian financial scene in November 2015 with his MMM pyramid scheme, his reputation as an international fraudster preceded him. As far back as 2007, Mavrodi had been convicted in Russia for defrauding 10,000 investors. But somehow, he survived brushes with the law over sharp practices to go global with a Ponzi scheme that promised 3,000 percent ‘return on investment’ after upending the savings of more than a few people in his country. With such tantalising promise, it came as no surprise that Mavrodi would hit the jackpot in Nigeria where too many citizens are looking for ‘miracle money’.

Unfortunately, by December 2016, the scam had unravelled, leaving about three million Nigerians holding the wrong end of the candle just days before Christmas. 

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SEC uncovers another suspected illegal investment platform, warns Nigerians

The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform, identified as TOFRO.COM (Tofro), and has warned Nigerians against falling for its deceptive tactics to obtain money through promises of unusually high returns.

The Commission raised the alarm in a notice issued on Thursday and made available to the Nigerian Tribune.

In the notice, the SEC warned that the suspected investment platform presents itself as a cryptocurrency trading platform, adding that such an investment scheme is not registered with the Commission.

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Lawyer, client shot dead after court session in Anambra
The police command in Anambra has launched manhunt for suspected killers of a legal practitioner returning from the court, after securing bail for a defendant in a murder case.

The Police Public Relations Officer (PPRO) in the state, SP Tochukwu Ikenga, disclosed this in a statement on Thursday in Awka.

Ikenga said the gunmen also gunned down two others who accompanied the lawyer but one survived.

He said that the three victims were returning from High Court II Ekwulobia in Orumba North Local Government of the state when the incident occurred.

He said that the legal practitioner had bailed a defendant in a pending murder case at the Court not knowing that they were trailed as they left the court.

According to the statement, the Commissioner of Police (CP) in Anambra, Ikioye Orutugu, today led a team of senior officers, including the Deputy Commissioner of Police in charge of Operations and others on a visit to the crime scene at Egbebelu village.
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Foreigner declared wanted over CBEX investment fraud

The Economic and Financial Crimes Commission has declared one foreign national, Elie Bitar wanted for his alleged involvement in a cryptocurrency fraud linked to the online trading platform, Crypto Bridge Exchange.

According to an official bulletin issued by the Commission, Bitar, 41, is wanted for a suspected fraudulent scheme carried out via CBEX, which has reportedly defrauded multiple unsuspecting investors across Nigeria.

“The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the EFCC stated.

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