A Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters over allegations of investment fraud to the tune of over one billion dollars.
Gatekeepers News reports that Emeka Nwite, the presiding judge, gave the order following an ex parte application moved by Fadila Yusuf, counsel to EFCC.
The individuals named in the application are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
EFCC sought an order of the court for a warrant of arrest of the defendants and asked for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.
Yusuf said that the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.
According to the commission; the defendants operating through their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform.
EFCC added that the defendants promised an unrealistic return on investment of up to 100
percent.
Yusuf said, “The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet.”
“The victims were initially given full access to the platform to monitor their investment.”
“Following the deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.”
“The victims later discovered that the said scheme is a scam.”
“During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.”
“It was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”
EFCC said obtaining a warrant of arrest was necessary in order to place the defendants on a watch list, enabling authorities to trace and apprehend the suspects to face the charges brought against them.
The court approved both the arrest and the request to remand the suspects pending the conclusion of investigations
Nwite said, “I have listened to the submission of the learned counsel for the applicant.”
“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.”
