The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) approval to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud.
Justice Emeka Nwite issued the ruling on Thursday following submissions by EFCC counsel, Fadila Yusuf.
“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf stated.
The suspects, using ST Technologies and CBEX, allegedly lured investors by promising up to 100% returns on cryptocurrency investments. After funds were deposited into USDT wallets, the platform was shut down.
The EFCC said the firms were unlicensed for investment activities and the suspects fled known addresses. Justice Nwite ruled, “I am of the view that the application is meritorious. Consequently, the application is granted as prayed.”