CBEX, a digital financial platform operating as a Ponzi scheme, has resumed its activities across Nigeria after halting its operations and disappearing with substantial investments in April.
The platform, which once promised returns of up to 100% in 40 days, had abruptly shut down, leaving many Nigerians unable to access their accounts and funds.
Victims of the scheme were directed to log back into their accounts to recover their lost investments.
Some investors reported that they were informed their balances had been restored, although many remain cautious about the situation.
To reactivate accounts and allow withdrawals, CBEX is now requiring investors to pay a fee of $200 if they had invested more than $1,000. Those who invested less than $1,000 are asked to pay $100.
This has led some to suspect that the scheme is attempting to draw people back into its operations under the guise of recovery.
In April, the sudden shutdown caused widespread panic, with many investors losing their life savings.
The situation escalated when some individuals, frustrated by their inability to access their money, raided CBEX’s office in Ibadan.
The company, which falsely portrayed itself as a legitimate digital trading platform, later blamed hackers for the loss of funds, claiming a security breach.
The Economic and Financial Crimes Commission (EFCC) has been investigating the scheme and has arrested several individuals in connection with the fraudulent platform.
Investigations revealed that the funds were traced to multiple countries.
In addition, some Nigerians linked to the scheme have been declared wanted.
The EFCC has stated that it will not be able to return all of the lost investments to affected individuals.
