The EFCC claims the defendants promised unrealistic returns, only for victims to lose access to their investments once over $1 billion was deposited.
The Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over alleged fraud exceeding one billion dollars. Justice Emeka Nwite granted the EFCC’s request after considering an ex parte motion filed by the agency’s lawyer, Fadila Yusuf.
“I have listened to the submission of the learner counsel for the applicant (EFCC). I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” the judge stated.
The six suspects, including Adefowora Abiodun Olanipekun and Emmanuel Uko, are accused of luring investors into a fraudulent crypto scheme. The EFCC claims the defendants promised unrealistic returns, only for victims to lose access to their investments once over $1 billion was deposited.
The EFCC is investigating the case with the intent to prosecute the suspects once arrested.