Court Grants EFCC Request to Arrest and Detain Six CBEX Promoters Over Alleged Fraud
Judge Approves Anti-Graft Agency’s Motion for Detention Pending Investigation
A 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 investment fraud.
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Justice Emeka Nwite issued the order on Thursday after hearing an ex-parte motion filed by EFCC lawyer Fadila Yusuf. The ruling permits the detention of the suspects pending completion of investigations and potential prosecution.
The judge stated that after reviewing the affidavit evidence, exhibits, and written address, he found the application meritorious and granted the request.
Suspects Identified in Crypto Fraud Case
The six individuals named in the case are:
- Adefowora Abiodun Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
Related: EFCC Assures Nigerians of Collaboration With Interpol to Bring CBEX Perpetrators to Justice
EFCC’s Legal Arguments
In the motion filed on April 23, the anti-graft agency sought two key orders:
- An arrest warrant for the defendants
- Authority to detain them pending investigation and possible prosecution
Yusuf presented four grounds for the application, emphasizing EFCC’s statutory duty to prevent, detect, and investigate financial crimes. The commission maintains it has constitutional authority to enforce law and order in such matters.
Alleged Crypto Investment Scheme
Preliminary investigations revealed that four of the suspects allegedly used their company, ST Technologies International Limited, to promote CBEX. The EFCC claims they ran advertisements encouraging public investment in cryptocurrencies through the platform.
The case highlights growing regulatory scrutiny of cryptocurrency operations in Nigeria as authorities work to protect investors from potential fraud schemes.
Full credit to the original publisher: InformationNG