The Economic and Financial Crimes Commission (EFCC) is under scrutiny after mistakenly declaring Elie Bitar, a Lebanese businessman, wanted in connection with the notorious Crypto Bridge Exchange (CBEX) cryptocurrency fraud. Investigations by the Foundation for Investigative Journalism (FIJ) have revealed that Bitar had no links to the collapsed scheme that wiped out billions of naira in Nigerian investors’ funds.
In April, the EFCC published a bulletin naming Bitar as a suspect in the CBEX fraud, sparking public outrage and damaging his reputation. The commission stated that Bitar was wanted for his alleged role in the online platform’s operations. However, fresh evidence shows that the CBEX in question-a fraudulent cryptocurrency operation-was entirely unrelated to Bitar’s business activities.
Bitar is the co-founder of CBEX Solutions Limited, a company registered in 2018 and focused on retail studies for fast-moving consumer goods (FMCG) companies. The company became inactive in 2020, long before the CBEX crypto scheme emerged. The name “CBEX” in Bitar’s company was simply an acronym formed from the initials of its founders, not a reference to Crypto Bridge Exchange.
Legal representatives for Bitar have since written to the EFCC, demanding that his name be cleared and a public apology issued. “Elie Bitar has no connection whatsoever to the Crypto Bridge Exchange (CBEX) in question and the online official bulletin issued by the EFCC has tremendously defamed him worldwide,” the letter stated. The lawyers argue that the EFCC failed to conduct proper due diligence before making the public declaration, a misstep that has caused significant distress to Bitar and his business associates.
Cases of mistaken identity in law enforcement are not uncommon and can have severe consequences, from reputational damage to legal and financial hardship. In similar incidents worldwide, innocent individuals have faced arrest, jail time, and years of legal battles simply because their names or details matched those of actual suspects.
