Court Orders Arrest of CBEX Promoters Over $1bn Fraud

A Federal High Court in Abuja has approved the arrest and detention of six individuals linked to a $1 billion crypto investment scam.

Justice Emeka Nwite granted the Economic and Financial Crimes Commission (EFCC) permission to detain the promoters of Crypto Bridge Exchange (CBEX) pending the conclusion of investigations and possible prosecution.

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The EFCC alleges that the suspects, Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, used their company, ST Technologies International Limited, to lure investors with promises of 100% returns through the CBEX platform.

According to the agency, victims were asked to convert their digital assets into USDT and deposit them into the suspects’ wallets. After receiving investments exceeding $1 billion, access to the platform was reportedly cut off.

Investigators found that ST Technologies was not registered with Nigeria’s Securities and Exchange Commission and that the suspects had fled their known addresses.

The EFCC said arrest warrants were needed to place the suspects on a red notice and ensure their capture.

The court agreed that the application had merit and granted the EFCC’s request.