The Economic and Financial Crimes Commission (EFCC) has admitted that it gave a Special Control Unit against Money Laundering (SCUML) approval to a ponzi scheme, ST Technologies, otherwise known as CBEX.

In a statement, EFCC stated that the SCUML is not a certificate of clearance by the anti-graft agencies.

The EFCC issued the statement following outrage from victims of CBEX Ponzi scheme after learning that CBEX deceived them with SCUML certificates, which made them see the Ponzi scheme as legit.

The anti-graft agency said, "SCUML Certificate Is Not CLEARANCE BY EFCC

"ST Technologies( not CBEX) is registered with the Special Control Unit against Money Laundering, SCUML, in line with Section 17 of the Money Laundering( Prevention & Prohibition) Act, 2022.

"Registration is a statutory requirement for all Designated Non-Financial Businesses and Professions, DNFBPs, in Nigeria in consonance with Nigeria’s Anti-Money Laundering/ Control of Financing Terrorism, AML/CFT regime.

"The EFCC is not a clearing house or regulatory authority of online businesses.

"But financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam."

ASA