The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over alleged investment fraud amounting to over N1 billion.
The six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to the EFCC, the suspects allegedly lured unsuspecting members of the public to invest in crypto currencies on the CBEX investment platform, promising unrealistic returns on investment of up to 100%. However, after the victims deposited over $1 billion, the platform became inaccessible, and the investors were unable to withdraw their funds.
The EFCC investigation revealed that the suspects’ company, ST Technologies International Limited, was not registered with the Security and Exchange Commission (SEC) for investment purposes, and the defendants had moved out of their known addresses in Lagos and Ogun States.
Justice Emeka Nwite granted the EFCC’s application for a warrant of arrest, allowing the agency to detain the suspects pending the conclusion of the investigation and possible prosecution.
The EFCC’s efforts to combat financial crimes have led to several high-profile arrests and prosecutions in recent times. This development highlights the agency’s commitment to protecting investors and maintaining the integrity of the financial system.
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