The Federal High Court in Abuja has authorized the
arrest and detention of six individuals associated with the collapsed
cryptocurrency investment platform, Crypto Bridge Exchange (CBEX), over
allegations of orchestrating a Ponzi scheme that defrauded Nigerian investors
of over $1 billion.?
Justice Emeka Nwite issued the order following an ex
parte motion filed by the Economic and Financial Crimes Commission (EFCC). The
suspects—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko,
Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are accused of
promoting CBEX through ST Technologies International Limited, enticing
investors with promises of up to 100% returns within 30 days.
According to the EFCC, the scheme involved converting
investors' digital assets into USDT, which were then deposited into wallets
controlled by the suspects. The platform eventually became inaccessible,
preventing withdrawals and leading to significant financial losses for
thousands of Nigerians.
The EFCC's preliminary investigation revealed that ST
Technologies was registered with Nigeria’s Corporate Affairs Commission but
lacked authorization from the Securities and Exchange Commission to operate as
an investment firm. The court's order allows the EFCC to detain the suspects
pending the conclusion of investigations and potential prosecution.
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