Court Grants Arrest Warrant For 6 CBEX Scam Suspects
THECONSCIENCE NG reports that the Federal High Court in Abuja has directed the Economic and Financial Crimes Commission (EFCC) to arrest, detain, and prosecute six individuals allegedly behind a massive cryptocurrency fraud linked to Crypto Bridge Exchange (CBEX).
The suspects—Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are accused of orchestrating an investment scam involving over $1 billion.
Justice Emeka Nwite issued the arrest order on Wednesday after EFCC counsel Fadila Yusuf filed an ex-parte motion. In his ruling, Justice Nwite said:
“I have considered the application, supporting evidence, and written address. I find merit in the motion and therefore grant it as requested.”
The judge instructed the EFCC to arrest and detain the suspects pending the conclusion of investigations and subsequent prosecution.
According to an affidavit filed by the EFCC, the six allegedly lured victims by promising unusually high investment returns—some as high as 100 percent—through CBEX, promoted under the name ST Technologies International Limited.
The commission said intelligence received in April triggered the investigation, which is currently being handled by its Cybercrime Section. Preliminary findings indicate that the suspects convinced investors to convert digital assets into USDT (a stablecoin) and deposit them into wallets controlled by the group.
Victims initially had access to monitor their investments, but the platform allegedly became inaccessible after deposits surpassed $1 billion, leaving them unable to retrieve their funds.
The EFCC stated that the suspects are currently at large and a warrant was necessary to place them on the watchlist and facilitate their apprehension by relevant agencies.
