EFCC Declares Four Wanted Over Alleged CBEX Fraud Scheme

The EFCC has declared four individuals wanted in relation to a $1 billion fraud linked to the Crypto Bridge Exchange (CBEX). The suspects include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. A federal high court has granted permission for their arrest as part of the ongoing investigation. CBEX users have reported significant financial losses, leading to protests by angry investors.

The Economic and Financial Crimes Commission (EFCC) has recently declared four individuals as wanted in connection with an alleged fraud involving the crypto bridge exchange known as CBEX. The suspects, identified as Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, were named in a notification sent out by the agency via its social media channels on Friday.

In the public announcement, the EFCC stated, “The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).” This comes on the heels of a federal high court ruling in Abuja that allowed the EFCC to arrest six CBEX promoters over allegations of a staggering $1 billion investment fraud.

Presiding Judge Emeka Nwite authorized the EFCC’s request following an ex parte application from Fadila Yusuf, the agency’s counsel. The application detailed the six suspects, including the four who are now officially wanted as well as Avwerosuo Otorudo and Chukwuebuka Ehirim.

The EFCC’s investigation indicated that these individuals, operating under their company ST Technologies International Limited, actively promoted CBEX through advertisements designed to attract unwary investors into cryptocurrency investments. According to the EFCC, the suspects made promises of unrealistic returns of up to 100 percent on investments.

Adding to the growing cloud over CBEX, earlier reports from April indicated that users were unable to withdraw their funds, leading to significant financial losses for many Nigerians. In protest, frustrated investors reportedly stormed the office of Smart Treasure, an affiliate of CBEX, in Ibadan, Oyo State, leading to acts of looting.

In summary, the EFCC has taken significant steps against the promoters of the Crypto Bridge Exchange (CBEX), with a focus on fraudulent activities tied to the platform. The declaration of the four individuals as wanted marks a critical point in ongoing investigations, which have already uncovered alarming claims of a $1 billion fraud. As the situation unfolds, the impact on affected investors continues to be substantial.

Original Source: www.nigerianeye.com