Court Authorizes EFCC to Arrest Six CBEX Executives Over Alleged $1 Billion Crypto Scam

The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals behind Crypto Bridge Exchange (CBEX) over an alleged $1 billion cryptocurrency investment scam.

Justice Emeka Nwite issued the ruling on Thursday following an ex parte motion presented by EFCC counsel, Fadila Yusuf. The court approved the request to detain the suspects pending the completion of investigations and possible prosecution.

The six individuals named in the case are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

According to EFCC, the suspects operated through a company, ST Technologies International Limited, to promote CBEX. They allegedly lured investors with advertisements promising up to 100% returns on cryptocurrency investments. Victims were instructed to convert their digital assets to USDT and deposit them into CBEX-linked wallets.

Initially, investors had full access to the platform to track their funds. However, after deposits reportedly totaling over $1 billion, the platform became inaccessible, and withdrawals were blocked. It was later discovered that ST Technologies was not registered with Nigeria’s Securities and Exchange Commission (SEC) for investment activities.

The EFCC stated that the suspects have fled their known addresses in Lagos and Ogun States, prompting the request for arrest warrants and their placement on the red watch list.

The commission said it has established a prima facie case of fraud and emphasized that the arrests are necessary for justice to take its course.