EFCC Declares Four Individuals Wanted in Crypto Exchange Fraud Case

The EFCC has declared four individuals wanted for fraud concerning Crypto Bridge Exchange (CBEX). A federal high court has allowed their detention linked to a $1 billion investment fraud. Reports earlier indicated investors could not withdraw funds, leading to unrest among the affected parties.

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted in connection with alleged fraudulent activities involving a crypto trading platform known as Crypto Bridge Exchange (CBEX). The suspects are identified as Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. This announcement was made on Friday through the EFCC’s social media channels.

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 case has gained attention due to its scale and the involvement of significant financial sums.

In a related development, a federal high court in Abuja has granted the EFCC permission to detain six promoters of CBEX amid a $1 billion investment fraud investigation. The court’s decision followed an ex parte application filed by Fadila Yusuf, the EFCC’s counsel. The individuals involved include the four currently wanted and two additional suspects, Avwerosuo Otorudo and Chukwuebuka Ehirim.

According to the EFCC, investigations revealed that the suspects had promoted CBEX through a company called ST Technologies International Limited, leading investors to invest cryptocurrencies by promising unrealistic returns of up to 100 percent. This kind of promotion often raises red flags for potential investors, as such promises are typically associated with scams.

Since mid-April, reports have surfaced indicating that users of CBEX were unable to withdraw their funds, raising alarm among Nigerian investors. Many alleged that they faced significant losses due to the platform’s unavailability. This situation triggered public outrage, with reports of angry investors storming the premises of Smart Treasure (an affiliate of CBEX) in Ibadan, Oyo State, resulting in looting of their offices.

In conclusion, the EFCC is actively pursuing four individuals linked to the alleged fraud associated with Crypto Bridge Exchange (CBEX). With the court’s approval to detain additional promoters, the investigation opens the door to potentially significant implications for all parties involved. This case highlights the ongoing issues of fraud within the cryptocurrency sector, reminding investors to exercise caution when faced with promising offers that seem too good to be true.

Original Source: www.nigerianeye.com