A Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals linked to an alleged $1 billion cryptocurrency scam involving Crypto Bridge Exchange (CBEX).
Justice Emeka Nwite granted the order following an ex parte motion by EFCC counsel, Fadila Yusuf.
The suspects—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are accused of using ST Technologies International Limited and CBEX to lure Nigerians into fake crypto investments.
According to EFCC’s affidavit, the accused promised returns of up to 100%, prompting victims to convert assets into USDT and deposit funds into the suspects’ crypto wallets. After amassing over $1 billion in digital assets, the platform became inaccessible.
Investigations revealed that ST Technologies was registered with CAC but not licensed by SEC. The accused have allegedly abandoned their known addresses, prompting the EFCC to request their inclusion on a red watch list.
The anti-graft agency says the arrest is necessary to conclude investigations and commence prosecution.
