A Federal High Court in Abuja has authorised the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of CBEX, Crypto Bridge Exchange, who are accused of orchestrating a massive investment fraud exceeding $1 billion.
Judge Emeka Nwite issued the order following an ex parte application presented by EFCC counsel Fadila Yusuf. The suspects—Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are currently at large.
According to the EFCC’s investigation, the suspects used their company, ST Technologies International Limited, to promote CBEX and lured investors with promises of unrealistic returns of up to 100 percent. Victims were instructed to convert their digital assets into USDT stablecoins before depositing them into the suspects’ crypto wallets.
Initially, investors had full access to monitor their investments on the platform. However, after collecting deposits valued at over $1 billion, the CBEX platform became inaccessible, preventing users from withdrawing their funds. Investigators discovered that while ST Technologies was registered with the Corporate Affairs Commission, it lacked the necessary Securities and Exchange Commission registration for investment operations.
The EFCC also revealed that the defendants had fled their last known addresses in Lagos and Ogun states. Judge Nwite granted the arrest warrant, stating that the order was necessary to enable authorities to apprehend the suspects and complete the investigation.
This legal action follows recent events in April when CBEX users reported inability to access their funds, and angry investors looted the office of Smart Treasure, a CBEX affiliate, in Ibadan. The EFCC has confirmed receiving multiple complaints about the platform and has assured affected investors that efforts are underway to recover their funds.
Folami David writes on trends and pop culture. He is a creative writer, and he is passionate about music and football.
