The Federal High Court in Abuja has authorised the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals behind Crypto Bridge Exchange (CBEX), over an alleged investment fraud estimated at more than $1 billion.
Justice Emeka Nwite made the ruling on Thursday after the EFCC’s counsel, Fadila Yusuf, presented an ex-parte motion, asking for permission to arrest and hold the suspects while investigations continue.
“I have listened to the submission of the learned counsel for the applicant (EFCC). I have also gone through the affidavit evidence with exhibits thereto along with the written address. I am of the view and I so hold that the application is meritorious. Consequently, the application is granted as prayed,” Justice Nwite ruled.
The six suspects: Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim are said to be behind CBEX, an online investment platform that allegedly lured unsuspecting Nigerians with promises of extremely high returns.
In court documents, the EFCC said the suspects used a company, ST Technologies International Limited, to promote CBEX, encouraging people to invest their cryptocurrency in return for a supposed 100 per cent profit.
At first, investors were given access to monitor their deposits on the platform, but after over US$1 billion had been pumped in, the site reportedly became inaccessible, and all withdrawals were blocked.
Investigators allege the entire scheme was a scam. They also discovered that while ST Technologies is registered with the Corporate Affairs Commission, it was never licensed by the Securities and Exchange Commission (SEC) to operate any investment business.
EFCC operatives said they were unable to trace the suspects to their last known addresses in Lagos and Ogun States, prompting the request for a warrant of arrest and red notices to track them down.
“The defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case,” Yusuf told the court.
The EFCC maintains that its preliminary findings have established a prima facie case of fraud and insists that granting the arrest warrant is in the interest of justice.
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