By Ghazali Ibrahim 
The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals accused of orchestrating an alleged investment fraud involving over $1 billion through a cryptocurrency platform, Crypto Bridge Exchange (CBEX).
Justice Emeka Nwite gave the ruling on Thursday after listening to EFCC’s counsel, Fadila Yusuf, who moved an ex parte application seeking the arrest and remand of the suspects pending the conclusion of investigations and possible prosecution.
“I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” Justice Nwite ruled.
The six suspects named in the case are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to court documents and the EFCC’s affidavit, the suspects, through their company ST Technologies International Limited, promoted CBEX by launching a massive advertisement campaign that lured unsuspecting Nigerians into investing in cryptocurrency with promises of up to 100% return on investment.
The EFCC said investors were directed to convert their digital assets into the stablecoin USDT and deposit it into wallets controlled by the suspects.
Victims were initially given access to monitor their portfolios but later discovered they had been locked out of the platform.
“Following deposits valued at over one billion dollars by the victims, the CBEX investment platform became inaccessible, and they could no longer withdraw from the investment,” the affidavit stated.
Investigations also revealed that while ST Technologies International Limited is registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment activities.
Furthermore, EFCC informed the court that the suspects had vacated their known addresses in Lagos and Ogun States, making it difficult to apprehend them without a warrant.
The agency requested the arrest warrant to place the suspects on the Red Watch List for tracing and prosecution.
“The applicant has a constitutional duty to investigate these crimes and enforce law and order,” said Yusuf.
The EFCC said its preliminary findings established a prima facie case of an elaborate investment scam, and it is now working to track down and bring the suspects to justice.
