[Updated] CBEX Scam: EFCC Declares Eight Persons Wanted

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over fraud

Naija News reports that the individuals were declared wanted for fraud perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).

The four person declared wanted:

Seyi Oloyede

Emmanuel Uko

Adefowora Oluwanisola

Adefowora Abiodun Olaonipekun

Johnson Otieno

Israel Mbaluka

Joseph Michiro

Sarah Michiro

Recall that the Federal High Court in Abuja had ordered the arrest and remand of six promoters of the now-collapsed and fraudulent cryptocurrency investment scheme known as “CBEX,” over an alleged $1 billion scam targeting Nigerian victims.

Naija News reports that Justice Emeka Nwite granted the order on Thursday following an ex parte motion filed by the EFCC against Adefowora Abiodun Olanipekun, Emmanuel Oku, and four other defendants.

The EFCC alleges that the defendants used a company called ST Technologies to promote CBEX, luring Nigerians to invest in the scheme.

EFCC spokesperson Dele Oyewale had pledged to recover Nigerians’ lost investments in the alleged 1.3 trillion naira CryptoBank Exchange scam, committing to take action in collaboration with Interpol and other international agencies.

During the resumed court session on Thursday, EFCC counsel Fadila Yusuf informed the court of a motion ex parte concerning investigations into CBEX and the Commission’s intention to prosecute the suspects in accordance with the Administration of Criminal Justice Act.

“An order of this Honourable Court for the issuance of a warrant of arrest for the defendants. An order of this Honourable Court remanding the defendants in the custody of the Complainant/Applicant pending the conclusion of the investigation into the alleged offences and possible prosecution,” Yusuf said in open court. She emphasized that the case involves foreign collaborators and a scam worth over $1 billion.

Yusuf explained that while the defendants have not yet been apprehended, they used ST Technologies International Limited to promote Crypto Bridge Exchange (CBEX), advertising unrealistic returns and luring unsuspecting members of the public to invest cryptocurrencies on the CBEX platform, with promises of returns of up to 100%.

She further noted that the funds were not stored in any Nigerian accounts, and unraveling the full scope of the syndicate’s activities would take time.