Chinese Investment Platforms CBEX and PCEX Crash, Leaving Nigerian Investors Devastated |LAGOS EYE NEWS

Barely 48 hours after a warning was raised about the legitimacy of CBEX, a Chinese-operated investment platform, the scheme has reportedly crashed, leaving thousands of Nigerian investors stranded and unable to access their funds.

CBEX, alongside its sister platform PCEX, had been operating in Nigeria for approximately six months. The platforms promised investors a 100% return on investment (ROI) within 30 days and offered additional bonuses for referrals. Deposits were accepted only in US dollars.

Sources indicate that CBEX’s office in Ikeja, Lagos, was besieged on Monday afternoon by distraught investors seeking answers after the platform became inaccessible and all withdrawal attempts failed. Witnesses reported that no staff or representatives were present to address the agitated crowd.

One investor lamented that he had over $30,000 locked in the platform, funds he had hoped would double by month-end. Another devastated client reportedly invested $68,000, sourced from multiple loans, and has been inconsolable since the crash.

The China Beijing Equity Exchange (CBEX) had earlier been flagged in Hong Kong in early 2024 for fraudulent activities, including fake exchange claims and non-existent payouts. It has also been listed as a Ponzi scheme in several Asian countries.

Despite red flags and public warnings—including repeated advisories from the Central Bank of Nigeria (CBN) cautioning citizens against participating in online Ponzi schemes—many Nigerians fell prey to CBEX’s deceptive promises.