EFCC Issues Wanted Notice for Four in CBEX Cryptocurrency Fraud Case

The EFCC has announced four individuals wanted for alleged fraud involving the CBEX cryptocurrency platform, as a federal court allows the arrest of six promoters connected to a $1 billion fraud scandal. Affected investors are experiencing significant hardships, leading to public outrage and violent protests at CBEX affiliates.

The Economic and Financial Crimes Commission (EFCC) has issued a wanted notice for four individuals connected to a fraudulent scheme involving a cryptocurrency trading platform called Crypto Bridge Exchange (CBEX). The notice, which was published on the agency’s social media channels, names Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede as suspects.

The agency emphasizes that these individuals are wanted in connection with alleged fraud perpetrated on CBEX, a platform that has been under scrutiny since earlier this year.

In a related development, a federal high court in Abuja recently authorized the EFCC to apprehend and hold six promoters of CBEX due to accusations surrounding a $1 billion investment fraud scheme. The judge, Emeka Nwite, granted this order after a request from Fadila Yusuf, legal representative for the EFCC.

The suspects include the four previously mentioned, along with two others, Avwerosuo Otorudo and Chukwuebuka Ehirim. The EFCC disclosed that their preliminary findings indicated the suspects, through a company named ST Technologies International Limited, engaged in promoting CBEX. They allegedly misled the public into investing in the platform by promising exorbitant returns, reportedly as high as 100 percent.

Adding to the ongoing crisis, reports in April indicated that CBEX users faced significant challenges, with many unable to withdraw their funds from the platform, resulting in substantial losses for plenty of investors. In a stark reaction, disgruntled clients vandalized and looted the premises of Smart Treasure (ST Team), an affiliate of CBEX, located in Ibadan, the capital of Oyo state.

In summary, the EFCC has declared four individuals wanted for their alleged roles in defrauding investors through CBEX. The agency is also pursuing additional suspects following a court ruling related to a massive investment fraud case, revealing a serious situation for numerous investors who are now in distress over their lost funds. The case emphasizes ongoing concerns around cryptocurrency investments in Nigeria.

Original Source: www.nigerianeye.com