Court Orders Arrest Of CBEX Promoters
A Federal High Court in Abuja has ordered the arrest of six Crypto Bridge Exchange (CBEX) promoters over investment fraud.
The order was given by Justice Emeka Nwite following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) through Fadila Yusuf, its counsel.
The six suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
The anti-graft commission prayed the court for an order remanding the defendants in the custody pending the conclusion of investigation of the alleged offences and possible prosecution.
In the affidavit in support of the motion, the EFCC said preliminary investigation into the intel revealed that the defendants “using 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”.
The EFCC said the defendants promised an unrealistic return on investment of up to 100 percent.
“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 through its counsel.
The anti-graft agency 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 judge granted the request for a warrant of arrest and remand, adding that the order was necessary to enable the commission to apprehend the defendants and conclude its investigation.
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
