The Economic and Financial Crimes Commission (EFCC) has declared Elie Bitar, a 41-year-old foreign national, wanted for allegedly running a massive cryptocurrency fraud scheme through the online platform, Crypto Bridge Exchange (CBEX). Bitar is accused of scamming Nigerians worth ₦1.3 trillion i.e $812 Million.
According to the EFCC, Bitar is suspected of defrauding thousands of Nigerians through CBEX, an online trading platform that promises high returns on crypto investments.
“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 agency said.
His last known address is Eng. George Enemoh Crescent, Lekki Phase 1, Lagos. The EFCC has asked anyone with useful information about his whereabouts to reach out through their offices across the country or contact the commission.
The wanted notice was signed by Dele Oyewale, Head of Media and Publicity for the EFCC. He reaffirmed the commission’s commitment to tracking down those exploiting Nigerians through fraudulent schemes.
CBEX gained popularity over the last 2 years by offering flashy promises of doubling investors’ money in just 30 days. Behind the scenes, however, it was running without a proper license from the Securities and Exchange Commission.
Even though it was registered with the Corporate Affairs Commission and listed with the EFCC’s Special Control Unit Against Money Laundering, the platform operated illegally and unregulated.
A local report revealed on April 24, 2025, that CBEX had wiped out about ₦1.3 trillion, affecting more than 600,000 Nigerians. Many victims had invested their savings, loans, or even borrowed funds, believing the platform was safe. Hong Kong authorities had earlier warned the public about CBEX’s fake licenses back in 2024, but no Nigerian authority took action at the time.
The editorial also noted that CBEX followed the same pattern as other popular scams like MMM and MBA Forex. These schemes use popular buzzwords like “crypto” and “AI” to trick people into investing money. Over the last decade, over ₦2 trillion has reportedly been lost to such scams in Nigeria.
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