• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, July 31, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBEX Scam: EFCC Arraigns 2 For Alleged Investment Fraud

by Ejike Ejike
3 weeks ago
in News
cbex
Share on WhatsAppShare on FacebookShare on XTelegram

The Economic and Financial Crimes Commission (EFCC), on Monday, arraigned two suspects on a three-count amended charge bordering on obtaining by false pretense, inducement and misleading the public into a fraudulent investment scam in cases related to the CBEX scam.

Advertisement

The suspects, Awerusuo Otorudo and Chukwuebuka Ehirim were arraigned before Justice Muhammed Umar of the Federal High Court sitting in Abuja.

EFCC, in one of the charges said the suspects, sometimes between January 2024 and May 2025, invited the public to deposit money for a fixed period or payable on call with Crypto Bridge Exchange (CBEX) with a promise of up to 88 per cent return on investment.

This, the anti-graft agency alleged, without obtaining the written consent of the Securities and Exchange Commission, an offense contrary to Section 96(1) of the investment and security act 2025 and punishable under Section 96(5) of the same act.

In another charge, EFCC said the defendants, between January 2024 and May 2025, while not being a bank or person authorised to take deposit, invited the public through advertisement to deposit funds with CBEX, thereby committing an offence contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44(2) of the same Act.

RELATED

Edun Hails Adeniyi, Says Customs Contribution Crucial For Actualising N49trn 2025 Budget

JUST-IN: Tinubu Extends Tenure Of Customs’ Boss Adeniyi By 1 Year

16 minutes ago
Oyo Gov’t Plans To Digitalise House Numbering

Oyo Gov’t Plans To Digitalise House Numbering

23 minutes ago

They both pleaded not guilty when the charges were read to them, prompting the prosecution counsel, Fadila Yusuf to plead with the court to remand the defendants in a correctional facility and adjourned the matter for hearing.

Responding, defense counsel, J.A. Otorudo informed the court that the defence has an application for bail for the defendants.

In her reaction, the EFCC’s counsel objected to the application and restated her earlier plea that the defendants be remanded in a correctional centre.

“The learned counsel is very elaborate before this honourable court, he had complained of the EFCC holding them in our facility and we are saying if they are not comfortable with us, they are before the court now, my Lord can move them to more comfortable accommodation”, she said

In his ruling, Justice Umar adjourned the matter to July 18, 2025 for ruling on the bail application, and remanded the defendants at Kuje Correctional Centre.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: CryptoBank Exchange (CBEX)
SendShareTweetShare
Previous Post

N’Delta Coalition Warns Against Attack On Tompolo, Tantita Security

Next Post

Federal Gov’t Denies Rumoured Release Of Water From Lagdo Dam

Ejike Ejike

Ejike Ejike

You May Like

Edun Hails Adeniyi, Says Customs Contribution Crucial For Actualising N49trn 2025 Budget
News

JUST-IN: Tinubu Extends Tenure Of Customs’ Boss Adeniyi By 1 Year

2025/07/31
Oyo Gov’t Plans To Digitalise House Numbering
News

Oyo Gov’t Plans To Digitalise House Numbering

2025/07/31
CDS Tasks Niger Delta Host Communities On Ownership Of National Assets
News

Armed Forces Radio Has Blocked Terrorists Propaganda, Misinformation — CDS

2025/07/31
BBNaija10: ‘Dede Behaves As If She Doesn’t Use Toilet’, Kuture Complains
Entertainment

BBNaija10: ‘Dede Behaves As If She Doesn’t Use Toilet’, Kuture Complains

2025/07/31
ljaw Seeks Revival Of Sea Ports In Niger Delta
News

Security Operatives, Youths Apprehend Drug Baron

2025/07/31
Ramadan: Let’s Bury Ethnoreligious Biases For Peace, Gov Eno Urges Muslims
News

Akwa Ibom Gov’t Adopts TSA To Curb Fraud

2025/07/31
Leadership Conference advertisement

LATEST

Ex-Barcelona Midfielder Perez Hospitalised After Dog Bite On Genitals

JUST-IN: Tinubu Extends Tenure Of Customs’ Boss Adeniyi By 1 Year

Oyo Gov’t Plans To Digitalise House Numbering

Armed Forces Radio Has Blocked Terrorists Propaganda, Misinformation — CDS

JUST-IN: Kwara Court Sentences Abdulrahman Bello To Death For Killing Final Year Student Hafsoh

BBNaija10: ‘Dede Behaves As If She Doesn’t Use Toilet’, Kuture Complains

2027: Zoning, Automatic Ticket Anti-democratic, Forum Leader Tells PDP

Security Operatives, Youths Apprehend Drug Baron

Akwa Ibom Gov’t Adopts TSA To Curb Fraud

BBNaija10: Drama As Big Soso, Imisi Quarrel Over Food

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.