The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals accused of orchestrating a cryptocurrency investment fraud estimated at over $1 billion.
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Justice Emeka Nwite issued the order on Thursday after hearing an ex parte motion filed by the EFCC and argued by its counsel, Fadila Yusuf.
The six suspects—Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are alleged to be the promoters of a fraudulent scheme operated through a platform known as Crypto Bridge Exchange (CBEX).
In an affidavit filed in support of the application, the EFCC revealed that investors were encouraged to convert their digital assets into USDT (Tether), a stablecoin, and deposit the funds into cryptocurrency wallets controlled by the defendants.
Initially, users were granted access to monitor their investments on the CBEX platform. However, once total deposits surpassed the $1 billion mark, the platform abruptly became inaccessible, and users were blocked from making withdrawals—raising red flags and confirming suspicions of fraud.
Further investigations by the Commission revealed that while the company behind the platform, ST Technologies, was duly registered with the Corporate Affairs Commission (CAC), it was not licensed by the Securities and Exchange Commission (SEC) to operate any form of investment-related services.
Adding to concerns, the EFCC disclosed that the suspects had fled their known addresses in Lagos and Ogun States. This development led the Commission to request that they be placed on a red watch list to facilitate their apprehension both locally and internationally.
“The defendants are currently at large, and a warrant of arrest is necessary to facilitate proper investigation and eventual prosecution,” Yusuf told the court.
The EFCC’s probe follows multiple complaints from victims who allegedly lost substantial amounts of money in the scam, believed to be one of the largest crypto-related frauds in the country’s history.
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