EFCC Begins Global Hunt For 6 CBEX Promoters

A Federal High Court has granted the EFCC’s request to arrest six CBEX promoters accused of orchestrating a $1 billion cryptocurrency scam, with victims mainly in Nigeria.

The Federal High Court in Abuja has ordered the arrest and detention of six promoters of the collapsed cryptocurrency investment scheme, CBEX, following an alleged $1 billion scam.

The court issued the order after the Economic and Financial Crimes Commission (EFCC) filed a motion for the arrest of the suspects, including Adefowora Abiodun Olanipekun and Emmanuel Oku.

The EFCC claims the suspects used a company called ST Technologies to promote CBEX, deceiving Nigerians into investing in the platform. The EFCC spokesperson, Dele Oyewale, said the commission would recover the funds lost by victims of the scam, estimated at about N 1.3 trillion. The EFCC is working with Interpol and other international agencies to take action.

In court, EFCC lawyer Fadila Yusuf explained that the motion sought to issue arrest warrants for the suspects and keep them in custody while the investigation continued. She emphasized that the scam involved foreign collaborators and was valued at over $1 billion.

Yusuf also stated that although the defendants have not yet been apprehended, they used ST Technologies International Limited to advertise unrealistic returns on investments in CBEX. The platform promised returns of up to 100%, attracting unsuspecting people to invest their cryptocurrencies. However, after depositing their funds, users were unable to access the platform or withdraw their investments, revealing the operation as a fraud.

The EFCC further revealed that the victims were instructed to convert their digital assets into the stablecoin USDT, which was deposited into wallets controlled by the suspects. The funds were not stored in Nigerian accounts, making it difficult to trace the full extent of the scam. Additionally, ST Technologies was registered with the Corporate Affairs Commission (CAC), but it was not licensed by the Securities and Exchange Commission (SEC) to operate as an investment platform.

The EFCC also argued that a warrant of arrest was necessary to place the suspects on a Red Notice list to facilitate their arrest. After considering the EFCC’s application, Justice Emeka Nwite approved the motion and granted the requested orders.
Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG