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The Federal High Court in Abuja 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 are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
Justice Emeka Nwite issued the order after EFCC counsel, Fadila Yusuf, moved an ex-parte motion to that effect.
Justice Nwite, 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.”
The judge 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 EFCC accused the six of committing investment fraud exceeding $1 billion.
It alleged that they promised extraordinarily high returns, with some guarantees reaching up to 100 per cent.
The commission 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 EFCC stated that in April, it received intelligence regarding an alleged investment fraud scheme connected to the suspects.
It added that the suspects, along with ST Technologies International Limited and CBEX engaged in fraudulent activities.
The EFCC said the case was currently being investigated by its cybercrimes section.
The anti-graft agency claimed that its preliminary findings revealed 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.”
The EFCC claimed that further 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 claimed to have further found that the suspects had relocated from their last known addresses in Lagos and Ogun states.
Stating that its investigation has established a prima facie case of investment fraud against the six, the anti-graft agency argued that a warrant was necessary to enable it to place them on the watchlist, allowing relevant agencies to track and apprehend them.
