Court Orders Arrest, Remand Of 6 CBEX Promoters

Justice Emeka Nwite of the Federal High Court in Abuja has ordered the arrest and remand of six promoters of the alleged fraudulent cryptocurrency investment scheme known as “CBEX.”

The order was issued over an alleged $ 1 billion fraud against their Nigerian victims.
Justice Nwite granted the order yesterday, following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) against Adefowora Abiodun Olanipekun, Emmanuel Oku, and four other defendants.

The commission alleges that the defendants used a company called ST Technologies to promote CBEX, luring Nigerians to invest.

The EFCC had vowed to recover Nigerians’ lost investments in the alleged N1.3 trillion CryptoBank Exchange scam, promising action in collaboration with Interpol and other international agencies.

The EFCC made this commitment while addressing public concerns over the massive losses suffered by Nigerians who invested in CryptoBank Exchange, a digital investment platform currently under investigation for fraud totalling N1.3 trillion.