EFCC Issues Arrest Warrant for Crypto Fraud Mastermind Elie Bitar

The Economic and Financial Crimes Commission (EFCC) of Nigeria has issued a warrant for the arrest of Elie Bitar, a 41-year-old foreign national, in connection with a massive crypto investment fraud. The scheme, which operated through the now-defunct Crypto Bridge Exchange (CBEX), is estimated to have defrauded over 600,000 Nigerian investors of approximately ₦1.2 trillion. The EFCC has identified Bitar as the mastermind behind CBEX’s deceptive investment platform, which promised unrealistic returns of 100% monthly, operating outside Nigeria’s financial regulatory framework.

Bitar was last known to reside at Eng. George Enemoh Crescent in Lekki Phase 1, Lagos. The EFCC has called on the public to assist in locating him, urging anyone with relevant information to contact their zonal offices nationwide. The commission's notice, released on Wednesday, highlights the severity of the fraud and the need for public cooperation in apprehending the suspect.

The Securities and Exchange Commission (SEC) of Nigeria has confirmed that CBEX was unregistered, further emphasizing the illegal nature of the operations. Additionally, a court has approved the arrest of six CBEX promoters as part of a broader investigation into a $1 billion fraud probe. This broader investigation suggests that the CBEX fraud is part of a larger network of financial crimes, involving multiple individuals and potentially extending beyond Nigeria's borders.

The impact of this fraud is significant, affecting a large number of investors who were lured by the promise of high returns. The EFCC's declaration of Bitar as a wanted individual underscores the agency's commitment to bringing those responsible for such fraudulent activities to justice. The public's assistance is crucial in locating Bitar and dismantling the network behind the CBEX scam.

The broader investigation into the CBEX fraud highlights the challenges faced by regulatory bodies in combating financial crimes, particularly those involving cryptocurrencies. The unregistered status of CBEX and the promise of unrealistic returns are red flags that investors should be wary of. The EFCC's actions serve as a reminder of the importance of due diligence and adherence to regulatory guidelines when engaging in investment activities.