The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission permission to arrest and detain six alleged promoters of Crypto Bridge Exchange, recently involved in a massive cryptocurrency investment fraud worth over $1bn.
Justice Emeka Nwite gave the order on Thursday following an ex parte application filed by the EFCC and argued by its counsel, Fadila Yusuf.
The six individuals named in the motion are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
They are alleged to be behind a fraudulent investment scheme operated through a platform known as Crypto Bridge Exchange.
The EFCC’s application, dated and filed on April 23, sought two key reliefs: the issuance of arrest warrants against the defendants and an order to remand them in EFCC custody pending the conclusion of investigations and possible prosecution.
According to Yusuf, the EFCC received intelligence in April 2025 linking the suspects to a sophisticated investment fraud.
The suspects allegedly used a company, ST Technologies International Limited, to promote the CBEX platform, persuading members of the public to invest in cryptocurrency with promises of unrealistic returns—up to 100%.
“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf told the court.
In an affidavit supporting the application, the EFCC stated that investors were encouraged to convert their digital assets into the stablecoin USDT (Tether) and deposit them into cryptocurrency wallets linked to the defendants.
Initially, investors were granted access to monitor their investments on the CBEX platform.
However, once deposits surpassed the $1bn mark, the platform became inaccessible, withdrawals were blocked, and it became clear that the platform was a scam.
The EFCC’s investigation further revealed that while ST Technologies was duly registered with the Corporate Affairs Commission, it lacked authorisation from the Securities and Exchange Commission to operate investment-related services.
Additionally, the suspects had reportedly vacated their known addresses in Lagos and Ogun States, prompting the EFCC to request that they be placed on a red watch list to aid in their arrest.
“The investigation has established a prima facie case of an investment scam. Granting this application is in the interest of justice,” the EFCC said.
Justice Nwite, in his ruling, stated: “I have listened to the submission of learned counsel for the applicant. I have also examined the affidavit evidence and the exhibits attached, along with the written address. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”
The ruling now authorises the EFCC to move forward with arresting the defendants and detaining them as investigations continue.
Credit: punchng.com
