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The High Federal Court of Abuja on Thursday gave the commission for economic and financial crimes (EFCC) the green light to arrest and retain six promoters of Crypto Bridge Exchange (CBEX) for alleged investment fraud for an amount of over one billion dollars.
The judge Emeka Nwite, who gave the order after the AFCC lawyer, Fadila Yusuf, moved an ex -part motion in effect, said that detention would be awaited the conclusion of the investigations on the alleged crimes and possible criminal actions.
“I listened to the presentation of the consultant for the student for the applicant (EFCC).
“I also crossed the rehearsals entrusted with exhibitions and even the written address.
“I am of sight and I believe that the application is meritorious.
“Consequently, the question is granted as a pre -established,” said the judge.
Freedomonline reports that the six suspicions include Adefowora Inhabitun Olaniipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede.
Others are Avwerosuo otorudo and chukwuebuka hehirim from 1st to 6th accused respectively.
In the former part dated and presented on April 23 by Yusuf, the anti-innesto agency sought two prayers.
The Commission has sought an order of the Honorable Court for the issue of the arrest warrant of the defendants.
He also asked the Court for “an order that has postponed the defendants in custody of the complainant/applicant pending the conclusion of the investigations on the alleged crimes and possible criminal actions”.
By giving four reasons, the lawyer said that the EFCC has a duty of prevention and detection of financial crimes through investigations.
He said there was an inton in the office of the President of the Commission against the accused who stands out for various crimes.
According to her, the applicant has the constitutional duty to investigate these crimes and enforce the law and order.
Yusuf said that “the defendants are free and a stopping mandate is held to arrest the defendants for a correct investigation and pursuit against this case”.
In the sworn declaration in support of the motion, the EFCC sometimes said in April 2025, received an INTEL which is annoyed on an alleged fraud of the investment regime against the defendants.
He said that the defendants 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 IT criminal section for investigation.
The agency said that the preliminary investigation on the Intel revealed the following:
“That Mr. Adefora Inhabitun Olanipekun, Adafowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company St Technologies International Limited, promoted another Crypto Bridge Exchange (CBEX) by advertising and attracted the unexpected members suspicious of public members to invest currencies of currencies encryption on the CBEX investment platform. “
The EFCC said that the defendants promised an unrealistic return to investments up to 100%.
“That the victims were made to convert their digital resources into a stable USDT coin for a subsequent deposit in the suspected crypto wallet.
“That the victims initially had full access to the platform to monitor their investment.
“That by following the deposits worth over $ 1 billion from the victims, the CBEX investment platform has become inaccessible to them and could no longer retire from the investments made.
“That the victims subsequently discovered that the aforementioned scheme is a scam.
“That during the course of the investigations, it was discovered that the said ST Technologies International Limited, although recorded at the Corporate Affairs Commission (CAC), was not recorded at the Security and Exchange Commission (sec) for investment purposes.
“That was also discovered during the investigations that the defendants had moved from their last address known to the states of Lagos and Ogun”.
The Anti-Innesto Agency said that a stopping mandate was required to place the defendants on the list of brigade brigade so that they could be traced and arrested to respond to the case against them.
According to the Commission, the investigations on the accusation against the defendants revealed a first case of investment fraud.
He said it would be in the interest of justice to grant the question.
