Alleged $1bn Crypto Fraud: Court Authorizes EFCC to Arrest, Detain Six CBEX Promoters

A Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud.

Justice Emeka Nwite issued the order on Thursday following an ex parte application filed by EFCC counsel, Fadila Yusuf. The suspects will remain in custody pending the completion of investigations and possible prosecution.

The suspects—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are accused of using ST Technologies International Limited to operate CBEX, a cryptocurrency investment platform that promised unrealistic 100% returns.

According to the EFCC, victims were persuaded to invest by converting digital assets into stablecoin (USDT), which were then deposited into the suspects’ wallets. After amassing over $1 billion in deposits, the platform became inaccessible and withdrawals were blocked.

The EFCC said CBEX was never registered with the Securities and Exchange Commission (SEC), confirming the scheme was fraudulent.