Crime

EFCC Declares 41-Year-Old Foreign National Elie Bitar Wanted Over Alleged CBEX Crypto Scam

Published by Tope Fakinlede on May 1st, 2025.

EFCC Declares 41-Year-Old Foreign National Elie Bitar Wanted Over Alleged CBEX Crypto Scam

The Economic and Financial Crimes Commission (EFCC) has issued a wanted notice for Elie Bitar, a 41-year-old foreigner accused of orchestrating a large-scale cryptocurrency scam through the online platform Crypto Bridge Exchange (CBEX).

In a bulletin released on Wednesday, April 30, 2025, the EFCC stated that Bitar is being sought in connection with a fraudulent scheme that allegedly defrauded Nigerian investors of over $1 billion through CBEX.

The commission’s statement, signed by EFCC spokesperson Dele Oyewale, described Bitar as the mastermind behind the online investment scam that lured hundreds of Nigerians with promises of rapid and high returns on crypto trading.

“This is to notify the public that Elie Bitar, pictured above, is wanted by the EFCC for his involvement in a fraudulent scheme carried out on a platform known as Crypto Bridge Exchange (CBEX),” the notice reads.

According to the EFCC, Bitar’s last known residence is located on Eng. George Enemoh Crescent in Lekki Phase 1, Lagos.

The agency is appealing to the public for any credible information that could lead to Bitar’s arrest. Tips can be directed to any EFCC zonal command nationwide or submitted via phone at 08093322644 or email at info@efcc.gov.ng.

Bitar is now the ninth individual declared wanted in connection with the CBEX fraud, which authorities say operated under the guise of a legitimate crypto trading platform. The scheme eventually collapsed after failing to meet payouts, leaving investors stranded.

Before its shutdown, CBEX attracted widespread skepticism due to its lack of regulatory approval and questionable business practices. Ongoing investigations by the EFCC have traced several suspicious transactions to Bitar and other associates, some of whom have already been apprehended.