Court Authorizes Arrest of Six Suspects in Alleged $1 Billion Crypto Investment Fraud

The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals accused of orchestrating a large-scale cryptocurrency investment fraud through a platform known as Crypto Bridge Exchange (CBEX).

 Following an ex parte motion filed by the EFCC which was presented by its counsel, Fadila Yusuf, Justice Emeka Nwite issued the ruling on Thursday.

The suspects named in the application are; Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. They are alleged to have promoted a fraudulent scheme under the guise of cryptocurrency investments, deceiving the public with promises of excessive profits reportedly up to 100% returns.

According to the EFCC, the suspects operated the scheme through a company called ST Technologies International Limited, which they allegedly used to promote the CBEX platform. The Commission stated it received actionable intelligence in April 2025 linking the individuals to the scam, which reportedly defrauded investors of over $1 billion.

In its application filed on April 23, the EFCC sought two major orders; the issuance of arrest warrants for the suspects and court approval to remand them in custody while investigations and potential prosecution proceed.

The case underscores growing concerns over cryptocurrency related fraud in Nigeria, as law enforcement intensifies efforts to clamp down on financial crimes in the digital space.

The suspects have however evacuated their known addresses in Lagos and Ogun States, prompting the EFCC to request that they be placed on a red watch list to aid in their arrest.

“The investigation has established a prima facie case of an investment scam. Granting this application is in the interest of justice,” the EFCC stated.

Justice Nwite, in his ruling, stated: “I have listened to the submission of learned counsel for the applicant. I have also examined the affidavit evidence and the exhibits attached, along with the written address. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”