The Federal High Court sitting in Abuja has yesterday ordered the Economic and Financial Crimes Commission (EFCC) to arrest, detain and prosecute six individuals alleged to be behind the Crypto Bridge Exchange (CBEX) fraud. The suspects include; Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
The High court Judge, Justice Emeka Nwite gave the order after EFCC counsel, Fadila Yusuf, moved an ex-parte motion to that effect.
The judge, in a ruling, said: “I have listened to the submission of the learned counsel for the applicant.
“I have also reviewed the affidavit evidence along with the exhibits and the written address.
“I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”
Accordingly, the judge has ordered the EFCC to arrest and remand the six in custody until the conclusion of its investigation and the prosecution is initiated.
In a supporting affidavit, the anti-graft accused the CBEX six of committing investment fraud exceeding $1 billion.
Fraudulently, they promised extraordinarily high returns on investment to attract unsuspecting members of public, with some guarantees reaching up to 100 per cent returns.
EFCC claimed that it received intelligence about the suspects’ involvement in multiple criminal activities.
It added: “The defendants are at large, and a warrant of arrest is required to apprehend them for proper investigation and prosecution of this case.”
The agency added that in April, it received intelligence regarding an alleged investment fraud scheme connected to the suspects.
The six suspects, alongside ST Technologies International Limited and CBEX were engaged in fraudulent activities.
The EFCC said the case was currently being investigated by its cybercrimes section.
According to the anti-graft agency in its preliminary findings it has discovered a significant details, including that the six suspects, allegedly acting through ST Technologies, promoted CBEX by advertising and persuading unsuspecting members of the public to invest in cryptocurrencies on the platform.
It further claimed: “Victims were instructed to convert their digital assets into USDT (a stablecoin) for deposit into the suspects’ crypto wallet.
“Initially, the victims were given full access to the platform to monitor their investments.
“However, after deposits exceeding $1billion, the platform became inaccessible, and victims were unable to withdraw their funds.
“The victims later discovered that the entire scheme was a scam.”
EFCC report further revealed that investigation revealed that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.
It further found out that the suspects had relocated from their last known addresses in Lagos and Ogun states.
Consequently, the agency investigation has established a prima facie case of investment fraud against the six, arguing that a warrant was necessary to enable it to place them on the watchlist, allowing relevant agencies to track and apprehend them to face justice.