EFCC Declares Four Wanted in Multi-Million Dollar CBEX Fraud Case

The EFCC has declared four individuals wanted for alleged involvement in a $1 billion investment fraud tied to the Crypto Bridge Exchange (CBEX). Following a court’s approval to arrest six promoters, public outrage has risen as affected investors are unable to withdraw their funds.

The Economic and Financial Crimes Commission (EFCC) has launched a manhunt for four individuals accused of involvement in a fraudulent scheme related to the crypto trading platform, Crypto Bridge Exchange (CBEX). The suspects are identified as Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. The agency made this announcement on its social media channels on Friday, highlighting the seriousness of the case.

In its public notification, the EFCC stated, “The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).” This declaration comes in light of a federal high court ruling that permits the EFCC to arrest and detain six promoters of CBEX over allegations of a staggering $1 billion investment fraud.

Judge Emeka Nwite, presiding over the case in Abuja, authorized the police to proceed with the arrests after a request was submitted by Fadila Yusuf, the EFCC’s legal representative. The six individuals mentioned in the EFCC’s application include the four wanted suspects plus two others, Avwerosuo Otorudo and Chukwuebuka Ehirim.

The EFCC’s investigations indicated that these individuals, acting through their company, ST Technologies International Limited, misled the public by promoting CBEX and enticing them to invest in cryptocurrency with offers of unrealistic returns of up to 100 percent. Recently, reports surfaced that CBEX users faced difficulties withdrawing their funds, resulting in widespread dissatisfaction, particularly when many realized they had lost their investments.

In a turbulent protest, frustrated investors vandalized the Ibadan office of Smart Treasure (an affiliate of CBEX), showcasing the rising anger among Nigerians affected by this situation. The EFCC’s actions highlight a growing concern about fraud in the cryptocurrency sector, which seems to be ensnaring unwary investors in Nigeria.

The EFCC’s latest action against four individuals related to the CBEX investment scandal underscores a significant legal response to fraud within the cryptocurrency space in Nigeria. With growing public sentiment against such schemes, it raises essential questions about investor protection and regulatory oversight. The outcome of the sought arrests and the ongoing investigations will certainly be something to watch closely as more developments unfold.

Original Source: www.nigerianeye.com