A Federal High Court in Abuja on Thursday granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) for their involvement in an alleged investment fraud exceeding one billion dollars.
Justice Emeka Nwite issued the ruling after EFCC lawyer, Fadila Yusuf, presented an ex parte motion.
The judge noted that the detention was necessary until the completion of investigations into the alleged offenses and potential prosecution.
“I have carefully considered the submissions from the applicant’s counsel, along with the supporting affidavit and exhibits, and I find the application to be valid,” Justice Nwite said. “Therefore, the application is granted.”
The six suspects named in the motion include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In the application filed on April 23, the EFCC sought two main orders: one for the issuance of arrest warrants and the other for the defendants to be remanded in the agency’s custody while the investigation and potential prosecution continue.
The EFCC’s motion outlined that the agency is legally obligated to investigate and prevent financial crimes. The commission had received intelligence reports indicating that the defendants were involved in various criminal activities, leading to the investigation into their activities.
According to the EFCC, the six individuals, operating under their company ST Technologies International Limited, allegedly promoted CBEX through advertising and attracted unsuspecting investors to participate in cryptocurrency schemes, promising returns as high as 100%.
Victims were instructed to convert their digital assets into USDT (stablecoin) and deposit them into the suspects’ crypto wallets.
The EFCC claims that, after investments totaling over $1 billion, the CBEX platform became inaccessible, and investors were unable to withdraw their funds. Subsequently, the victims discovered they had been defrauded.
Further investigation revealed that ST Technologies International Limited, although registered with the Corporate Affairs Commission (CAC), had no registration with the Securities and Exchange Commission (SEC) for investment activities.
Additionally, the defendants had reportedly relocated from their last known addresses in Lagos and Ogun States.
The EFCC requested the issuance of arrest warrants to place the defendants on the red watch list, enabling their capture and bringing them to trial.
Preliminary findings indicate a strong case for investment fraud, and the EFCC emphasized that granting the application would serve the interest of justice.
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