Senate has mandated a joint committee to investigate the surge of Ponzi schemes nationwide, particularly following the collapse of Crypto Bullion Exchange (CBEX), which reportedly defrauded investors of over ₦1.3 trillion.
The motion, sponsored by Senator Adetokunbo Abiru, highlighted concerns over fraudulent schemes like MMM Nigeria, MBA Forex, and CBEX, which promised high returns on digital assets.
Lawmakers warned that CBEX’s failure caused severe financial and emotional distress among victims, including depression, family breakdowns, and suicides.
The Senate further criticised regulatory agencies for failing to intervene despite CBEX’s prolonged operations and online presence.
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