EFCC Declares Four Wanted in Alleged CBEX Fraud Investigation

The EFCC has declared four individuals wanted in connection with an alleged $1 billion fraud involving the Crypto Bridge Exchange (CBEX). A federal court has authorized the arrest of six promoters tied to the fraudulent activity, revealing serious concerns over cryptocurrency investments in Nigeria.

The Economic and Financial Crimes Commission (EFCC) has declared four individuals as wanted suspects linked to alleged fraudulent activities involving a cryptocurrency trading platform known as Crypto Bridge Exchange (CBEX). This announcement came through the EFCC’s social media channels on Friday. The individuals in question are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

A recent ruling from a federal high court in Abuja granted the EFCC permission to arrest and detain six promoters from CBEX, amid serious allegations of a $1 billion investment fraud scheme. Judge Emeka Nwite issued this order after reviewing an urgent application from EFCC attorney Fadila Yusuf. The application cited various suspects including the four sought by the EFCC, along with Avwerosuo Otorudo and Chukwuebuka Ehirim.

The EFCC’s court application revealed that these suspects, through their company ST Technologies International Limited, allegedly promoted CBEX and provided misleading advertisements, enticing the public to invest in cryptocurrencies via the CBEX platform. They reportedly guaranteed investors exorbitant returns of up to 100 percent, raising significant red flags for regulators.

Reports from April indicated that users of CBEX experienced severe issues, as many could no longer access or withdraw their funds from the platform. This led to widespread outrage among investors, culminating in a disturbance at the Smart Treasure (ST Team) office in Ibadan, the Oyo state capital, where protestors took matters into their own hands.

In conclusion, the EFCC’s recent actions underscore a growing concern over fraudulent activities in Nigeria’s cryptocurrency space. With four individuals declared wanted and a federal court permitting further arrests, there is a clear indication that authorities are taking steps to address investment fraud. This situation remains precarious for many investors affected by the CBEX scheme, as their funds hang in the balance.

Original Source: www.nigerianeye.com