EFCC Declares Four Wanted Over Alleged CBEX Fraud

The EFCC has announced it is seeking four individuals linked to fraud allegations involving the Crypto Bridge Exchange, declared wanted through social media. A federal court has also authorized arrests of six promoters for a $1 billion fraud involving promises of unrealistic investment returns. Investors have already faced severe issues in accessing their funds, prompting protests.

The Economic and Financial Crimes Commission (EFCC) has taken significant action by declaring four individuals wanted for potential involvement in a fraud scheme linked to the Crypto Bridge Exchange (CBEX) trading platform. The wanted persons have been identified as Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. This announcement was made public by the EFCC via its social media channels on Friday, effectively reaching a wide audience.

The EFCC’s notice 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 declaration follows recent developments, including a federal high court’s approval for the EFCC to arrest six promoters of CBEX amid allegations of a $1 billion investment fraud.

Judge Emeka Nwite of the federal high court in Abuja authorized the EFCC’s request during an ex parte application presented by Fadila Yusuf, the agency’s counsel. The suspects named in this investigation not only include the wanted individuals but also two others, Avwerosuo Otorudo and Chukwuebuka Ehirim. The court heard that the investigation suggested that these individuals had utilized their company, ST Technologies International Limited, to promote CBEX through advertisements, ultimately enticing the public to invest cryptocurrencies on the platform.

Reportedly, the promoters guaranteed an astonishing return on investment of as much as 100 percent which drew many unsuspecting investors. Concerns about the legitimacy of CBEX surfaced earlier in April, when users could no longer access their funds. This predicament left many investors distraught, resulting in some, in a fit of rage, looting the office of Smart Treasure (ST Team), an affiliate of CBEX, located in Ibadan, Oyo State.

The EFCC’s action reflects a growing concern over fraudulent activities in online trading platforms. The involvement of the court indicates the gravity of the charges against the suspects. As this situation unfolds, it highlights the need for increased vigilance among cryptocurrency investors to avoid falling victim to similar schemes in the future.

Original Source: www.nigerianeye.com