By Uche Onyeali
Federal High Court in Abuja on Thursday gave the Economic and Financial Crimes Commission, EFCC, the go-ahead to arrest and detain six promoters of Crypto Bridge Exchange, CBEX, over alleged investment fraud to the tune of over $1 billion.
The order was given by Justice Emeka Nwite after EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect.
He said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.
The six suspects are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede Avwerosuo Otorudo and Chukwuebuka Ehirim as first to sixth defendants, respectively.
In the motion dated and filed on April 23 by Yusuf, the anti-graft agency sought an order of the court for the issuance of warrant of arrest of the defendants.
It also prayed the court for an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.
Basing its prayer on four grounds, the lawyer said EFCC has the statutory duty of prevention and detection of financial crimes through investigation.
Yusuf said there was an intel to the office of the commission’s chairman against the defendant bordering on various criminal offences.
According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.
“The defendants are at large and a warrant of arrest is required to arrest them for proper investigation and prosecution of this case,” Yusuf said.
In the affidavit in support of the motion, EFCC said sometime in April, it received an intel bordering on alleged investment
fraud against the defendants.
It alleged that the defendants and their company, ST Technologies International Limited, using another company, CBEX perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.
The anti-graft agency said a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.
According to the commission, investigation into the allegation revealed a prima facie case of investment scam.
It said it would be in the interest of justice to grant the application.
