The Economic and Financial Crimes Commission (EFCC) has admitted it made a mistake in its ongoing probe of the CBEX Ponzi scheme. The agency wrongly declared Ellie Bitar a wanted person in connection with the case.

This update comes shortly after an investigative report raised concerns about Bitar’s inclusion. In a recent statement, the EFCC corrected the error. “Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted person’s list,” the agency said.

The CBEX Ponzi scheme is one of the most talked-about fraud cases in recent months. Many Nigerians were lured with promises of high returns on investments and ended up losing their savings. The scheme reportedly used fake platforms and tactics to trick people into sending money.

While Bitar has now been cleared, the EFCC stressed that the investigation is still active. The agency said it is working with international partners to track and arrest other suspects. “The Commission is making good progress in its investigations. Law enforcement agencies across the world are collaborating with it in tracking and arresting all the wanted persons,” the EFCC said.

So far, eight people are still wanted for their roles in the CBEX fraud. Their names include Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera, and Serah Michiro.

The EFCC promised to continue its efforts until everyone involved is held accountable. It also advised Nigerians to stay alert and avoid schemes that seem too good to be true.

This case shows why accurate investigations and clear communication matter in fighting financial crimes.

For more stories like this, visit NaijaBeats.com