A Federal High Court in Abuja has authorised the Economic and Financial Crimes Commission (EFCC) to arrest six individuals suspected of orchestrating a large-scale cryptocurrency investment fraud.
The court, presided over by Justice Emeka Nwite, granted the commission’s application to detain the alleged masterminds of the controversial Crypto Bridge Exchange (CBEX) scheme, which is said to have swindled investors of over $1 billion.
Those named in the ruling include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. Authorities allege the group used a front company, ST Technologies International Limited, to promote what they called a high-yield crypto investment offering, attracting thousands of unsuspecting Nigerians.
Court documents indicate that investors were encouraged to transfer their digital assets, particularly USDT (Tether), into wallets linked to the accused, with the promise of jaw-dropping returns of up to 100%. The platform reportedly allowed participants to track returns until it mysteriously went offline, taking investor funds with it.
EFCC’s counsel, Fadila Yusuf, told the court that preliminary findings pointed to a coordinated effort to defraud the public, adding that the suspects have since disappeared from their known addresses in Lagos and Ogun states. She urged the court to permit arrests and ensure they are held in custody as investigations unfold.
“Given the scale of the losses and the deliberate evasion of arrest, we believe immediate intervention is in the interest of justice,” she stated.
Justice Nwite, after reviewing the supporting affidavits and evidence, agreed that the situation warranted judicial support and authorised the EFCC to move forward with apprehending the suspects.
