Alleged $1bn Fraud: Court Fixes June 30 For Ruling In CBEX Operators’ Bail Request
THECONSCIENCE NG reports that A Federal High Court in Abuja has scheduled ruling for June 30 in a bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX), standing trial for $1billion fraud.
The three are Adefowora Olanipekun, Avwerosuo Otorudo and Chukwuebuka Ehirim.
Justice Emeka Nwite chose the date on Wednesday after lawyers to the prosecution and defence adopted their processes and made final submissions in relation to the bail application.
Justice Nwite had in an ex-parte ruling on April 24 issued an order for the Economic and Financial Crimes Commission (EFCC) to arrest and detain six operators of CBEX over their alleged involvement in the fraud.
The EFCC had identified the suspects to include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
In compliance with the court’s order, the EFCC arrested Olanipekun, Otorudo and Ehirim and kept them in its custody on investigation, prompting the detainees to apply to the court for bail.
EFCC’s lawyer, Fadila Yusuf, while opposing the bail application on Wednesday, said all the defendants are being charged for the offence of allegedly obtaining over $1b, more than some states’ budgets in the country.
Yusuf said the EFCC was still receiving petitions from victims of the alleged fraud.
The lawyer said though granting bail is at the discretion of the court, this should be done judiciously and judicially.
The EFCC, in an affidavit, said it received an Intel bothering on an alleged investment scheme fraud against the suspects.
Lawyer seeks release of CBEX promoter from EFCC custody
It alleged that the six suspects and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.
The agency said a preliminary investigation into the Intel revealed the following:
“That Messrs.Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest cryptocurrencies on the CBEX investment platform.”
The EFCC states that the defendants promised an unrealistic return on investment of up to 100%.
It added that “the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspect’s crypto wallet.
“The victims were initially given full access to the platform to monitor their investment.
“Following deposits valued at over one billion dollars by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.
“The victims later discovered that the said scheme is a scam.
“During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), was not registered with the Securities and Exchange Commission (SEC) for investment purposes.
“It was also discovered, during investigation, that the defendants had moved out of their last known address in Lagos and Ogun states.”
