A Federal High Court in Abuja has refused to grant bail to three detained promoters of Crypto Bridge Exchange, also known as CBEX, who are facing allegations of a massive $1 billion fraud.
Justice Emeka Nwite ruled on Monday that the evidence against the accused persons appeared strong and serious. He also pointed out that formal charges had already been filed, though yet to be assigned to a particular court.
The judge said it was best for the same court handling the case to also decide on the bail application after the defendants are arraigned.
“The interest of justice will be met by taking this application to the court where the charge is pending,” Justice Nwite said.
The accused persons — Adefowora Abiodun, Avwerosuo Otorudo, and Chukwuebuka Ehirim — have been in EFCC custody since April, when the court granted the anti-graft agency permission to detain them while investigations continued.
According to the EFCC, the CBEX promoters used a company called ST Technologies International Limited to lure unsuspecting people into investing in cryptocurrencies through a fake online platform. The victims were told they could earn up to 100 percent profit, but after over one billion dollars was deposited, the platform became inaccessible.
EFCC spokesperson Fadila Yusuf said, “It is more than the annual budget of at least 10 Nigerian states. The scale of the fraud is massive, and petitions from more victims are still coming in.”
Yusuf added that the suspects used the fake scheme to trick people into converting their digital assets into USDT and transferring it into the suspects’ crypto wallets.
She told the court that the EFCC’s investigation revealed the company was not licensed by the Securities and Exchange Commission and that the accused had also moved from their known addresses.
Lawyers for the accused had requested bail on the grounds that Abiodun was sick and needed medical attention, but the judge rejected the claim, saying the EFCC could provide the necessary medical care while in custody.
Justice Nwite ruled that the bail application be transferred to the court where the defendants will be arraigned on the formal charges.
